Globe Telecom Inc. has transferred more than half of the towers bought by Phil-Tower Consortium Inc. located in Visayas and Mindanao.
Last Friday, Globe said it transferred another 132 towers to PhilTower for P2 billion. These tower assets from Visayas and Mindanao are composed of 94 percent ground-based and 6 percent rooftop towers. With this recent closing, an aggregate of 710 out of 1,350 tower assets were successfully turned over to PhilTower. The sale comes with a commitment to build 750 towers across Visayas and Mindanao.
“We have transferred more than half of the towers bought by PhilTower. As we shift our focus to strengthening our free cash flow position, this initiative continues to provide us additional financial and operational flexibility, thereby protecting our market leadership and allowing adequate elbow room to venture into exciting digital businesses,” Rizza Eala, Globe chief finance officer, said in a statement.
Cumulatively, Globe has already turned over 44 percent or a total of 3,120 towers out of 7,059 acquired by the tower companies, raising P40.5 billion to date.
Subsequent closings will happen as and when closing conditions are met, Globe said, adding it will make relevant announcements in accordance with the applicable regulatory and disclosure rules as and when appropriate. – Myla Iglesias
