Globe Telecom Inc. yesterday received P1.9 billion for the third closing of its towers acquired by MIESCOR Infrastructure Development Corp. (MIDC).
The 160 towers are composed of 123 ground-based and 37 rooftop towers. With this latest closing, 1,020 out of the 2,180 towers have been transferred to MIDC.
“Globe and MIDC are one in getting this partnership up to speed with the latest batch’s closing, and we undertake to turn over more in the coming months,” said Rizza Maniego-Eala, Globe chief finance officer.
To date, Globe has completed 44 percent of the sale or a total of 3,280 towers out of 7,506 have been transferred to the tower companies.
Subsequent closings will happen as and when closing conditions are met, said Globe, adding it will make relevant announcements in accordance with the applicable regulatory and disclosure rules as and when appropriate.
“We collaborate and forge partnerships with multiple public and private entities to ensure these conveniences are accessible to Filipinos regardless of their area,” said Ernest Cu, Globe president and CEO. – Myla Iglesias
