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Manila Bulletin devider Business devider The Stock Market devider Globe completes ₱1.73-billion joint venture with Singapore's NCS

Globe completes ₱1.73-billion joint venture with Singapore's NCS

Published Jan 2, 2026 04:38 pm
(Globe photo)
(Globe photo)
Telecommunications giant Globe Telecom Inc. said it has completed its agreement with Singapore-based technology services company NCS Pte. Ltd. to form a joint venture (JV) through Yondu Inc., valued at ₱1.73 billion.
In a disclosure to the Philippine Stock Exchange (PSE), the Ayala-led company said it had closed its JV with NCS, through its subsidiary NCSI Holdings Pte. Ltd., which was entered into on March 26 last year.
Under the agreement, NCS acquired a majority stake of 51 percent in Yondu, while Globe retained a 49-percent stake.
At the same time, Yondu acquired NCSI Philippines Inc. from NCSI, making it a wholly owned subsidiary. Yondu will be renamed NCS Philippines following this move.
In its third-quarter financial report, Globe said the enterprise value of the JV is around ₱1.73 billion, including cash and cash equivalents of ₱349.06 million.
The value is down 7.5 percent from an estimate of ₱1.87 billion in March last year.
With the completion of the JV, Globe President and Chief Executive Officer (CEO) Carl Raymond Cruz said Yondu is now better equipped to deploy world-class solutions to its customers.
Cruz said this also creates the platform necessary to boost the expansion of its services and customer base across the Asia-Pacific region, leveraging NCS’ regional scale and access to partner ecosystems.
“We are confident this partnership forms the foundation for sustainable growth, benefiting local enterprises and opening exciting new doors throughout Asia-Pacific,” he said.
Yondu, the information and communications technology (ICT) solutions arm of Globe, develops wireless products and digital services for its clients.
The company focuses on custom software development, managed security services, e-commerce solutions, cloud services, and ready-to-use platforms, among others.
NCS, a subsidiary of Singapore’s largest telecommunications operator Singtel, expects the JV to be a major step forward in its expansion strategy in the region.
NCS CEO Ng Kuo Pin said he is banking on the firm’s expanded workforce to strengthen its digital, cloud, and data services, including those powered by artificial intelligence (AI). From around 150 employees last year, it will now have more than 1,200.
“The depth of talent and expertise in the Philippines will be instrumental as we continue to drive AI-led transformation and create greater value for our clients,” he added.
Beyond growing its regional reach, Globe Chief Finance Officer (CFO) Juan Carlo Puno said the JV positions the company for stronger capital efficiency and sustainable revenue growth.
“This JV is not just about expansion; it’s about building a fiscally resilient platform that will deliver long-term value to our shareholders while ensuring we have the flexibility to invest in next-generation ICT solutions,” he said.
Globe considers contributions from Yondu under its non-telco revenues, which amounted to ₱1.7 billion from January to September 2025, down four percent from ₱1.81 billion during the same period in 2024.
The company’s consolidated gross service revenues stood at ₱121.7 billion in the same period, while net income fell to ₱17.7 billion.
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