Globe Telecom Inc. has sold 578 towers to Phil-Tower Consortium Inc. for P8.6 billion and will use the proceeds to finance its future capital expenditures and debt repayments.
In a disclosure to the Philippine Stock Exchange, Globe said it has closed the sale of 578 out of 1,350 towers acquired by PhilTower last September for a total of about P20 billion.
“There will be multiple closing dates which will happen as and when closing conditions are met. We will provide updates on the relevant development of the disposal of tower assets in due course,” Globe said of the remaining towers.
The specific closing conditions are part of the sale and leaseback agreement and are covered by confidential obligation.
Globe said the transaction will result in the availability of funds to support its future capital expenditures, debt repayments and debt avoidance, with the expectation to improve its balance sheet health.
In a related development, Globe’s 917Ventures and Ayala Corp. have brought into the country an initial batch of Gogoro Smartscooters, batteries and swapping stations in preparation for their rollout of a sustainable transport system.
An initial batch of 100 Smartscooters, 400 smart batteries and seven GoStations from Gogoro, a Taiwan-based global leader in two-wheel electric vehicle (EV) and battery-swapping technology, have arrived in the country as part of the firm’s partnership with 917Ventures and Ayala.
“We are excited about this pilot rollout as it will not only address the need for more sustainable transportation options but also contribute to the overall goal of creating a greener future for Metro Manila and the entire country. We are looking forward to seeing the positive impact this project will have on the Philippines,” said Vince Yamat, 917Ventures managing director, in a statement.
This alternative form of transportation will be piloted for the logistics and last-mile delivery industry in Metro Manila in the first quarter of 2023. Its success is expected to pave the way for a new sustainable business model in other Philippine cities, the company said. – Myla Iglesias
