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Manila Bulletin devider Business devider Globe on track with P30-B tower sale

Globe on track with P30-B tower sale

Published Dec 19, 2022 05:36 am
Globe Telecom Inc. on Monday, Dec. 19, disclosed it has received ₱1.9 billion for the second closing of 159 towers to be transferred to MIESCOR Infrastructure Development Corporation (MIDC). “This marks our last closing for year 2022 and as we prepare to complete the rest next year,” according to Globe Chief Finance Officer, Rizza Maniego-Eala. “This milestone transaction has been progressing as scheduled and has already raised nearly ₱30.0 billion,” she noted. With the latest closing, Globe turned over a total of 860 out of the 2,180 towers to MIDC. These tower assets are composed of 120 ground-based towers and 39 rooftop towers. The telco will use the proceeds from the tower sale for debt payment and capital expenditure to support its ongoing network expansion. Cumulatively, Globe has completed 34 percent of the sale or a total of 2,410 towers out of 7,059 have been transferred to the tower companies. The telco expects the final closing for all of its three tower portfolios to happen within 2023. “Monetizing our tower assets is very timely because it has allowed us to keep our balance sheet healthy amid a rising interest rate environment,” Maniego-Eala explained. “Our current partnerships with the tower companies will help us enhance our capex spending and our tower builds moving forward,” Ernest Cu, Globe President and Chief Executive Officer, maintained. On the part of MIDC, the collaboration with Globe will enable the company to become a major provider of sustainable digital infrastructure in the Philippines, President Helen Grace T. Marquez concluded.

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