Globe Telecom Inc. announced that it has raised more than P27 billion from its sale and leaseback tower deals this year.
In a disclosure to the Philippine Stock Exchange (PSE), Globe said that it has transferred a total of 2,057 towers this year with 1,301 processed in the first half and another 756 towers in the second half of 2023.
Counting the 2,410 towers transferred last year, the firm has now turned over 4,467 out of 7,506 towers sold to four firms.
Thus, the firm has raised P57.4 billion after completing around 60 percent of its overall tower transactions from 2022 to 2023.
On Dec. 18, the telco closed the last transaction of 2023 comprising 79 towers sold to Unity Digital Infrastructure worth P948 million. This is the third tranche of the 447 sale and leaseback deal with Unity.
So far, the firm has transfered ownership and management rights to 59 percent or 249 towers to Unity.
Last Nov. 8, Globe closed the sale of 100 towers to Phil-Tower Consortium, Inc. for P1.5 billion, which brings the total of closed sales to 810 out of 1,350 towers.
The 1,350 total of telecom towers and other infrastructure to be acquired by PhilTower is estimated to be P20 billion.
Last Aug. 16, the firm closed 113 towers sold to Frontier Tower Associates Philippines, Inc. for P1.4 billion, as well as 100 towers worth P13.4 billion to MIESCOR Infrastructure Development Corporation (MIDC).
Frontier Tower has so far gained ownership of 2,094 out of 3,529 towers, while MIDC has control of 1,120 out of 2,180 towers.
Globe Chief Finance Officer Rizza Maniego-Eala emphasized the significant progress of the firm's tower deal, "transferring more than half of the towers and reaching 60 percent of our overall tower deal."
"We believe that the undisrupted services to our customers with the successful handover of the tower assets to the towercos are proof of Globe’s strong commitment to service excellence," she added.
Globe President and Chief Executive Officer (CEO) Ernest L. Cu said that "our continued collaboration with the towercos is crucial in helping us fund our various innovations to expand our digital portfolio, enhance customer experience, and bring connectivity across all islands in the country.”