Globe lists P17 B rights offer
Globe Telecom Inc. on Friday, Oct. 28, formally listed P17 billion worth of 10,119,047 common shares newly issued to shareholders who participated in its recently concluded rights offer at the Philippine Stock Exchange.
The common shares were sold in the offer at ₱1,680 per share and marked the "triumphant return of Globe to equity capital markets after more than two decades".
The investing public gave a "warm reception to Globe’s Rights Offer "despite tumultuous financial market conditions", the telco stated in its disclosure.
The offer was oversubscribed, and all the offer shares were fully allocated to existing shareholders.
Proceeds from the offer will be used to partly fund capital expenditures and pay the company’s short term debt obligations.
The funds raised will also enable Globe to further expand its digital ecosystem and differentiate itself in the market as it capitalizes on opportunities in and beyond telecommunications.
“We are overwhelmed by the support shown by Globe’s shareholders for this Offer," says Globe President and Chief Executive Officer Ernest Cu.
"This support reflects trust in the capability of Globe to execute our core business and digital service platform initiatives," he elaborated.
"We are truly appreciative of their continued partnership with us to create and enable the digital life of the Philippines.”
“We believe that this Offer highlights Globe’s competitive differentiation in the market, further solidifies our healthy financials and enables us to pursue greater milestones while delivering industry-leading value to our shareholders," Chief Finance Officer Rizza Maniego-Eala added.
Ayala Corporation, and Singapore Telecom International Pte. Ltd, a wholly owned subsidiary of Singtel, Globe’s principal shareholders, supported the offer by exercising their pre-emptive rights to subscribe to their respective pro-rata share in the offer.
BPI Capital Corporation is the Sole Global Coordinator, Domestic Lead Underwriter and Joint Bookrunner.
UBS is the Sole International Underwriter and Joint Bookrunner. PNB Capital is the Domestic Co-Lead Underwriter.