Globe Telecom Inc., a leading digital platform in the Philippines with major interests in telecommunications and financial technology, among others, said Monday it received P8.6 billion from Phil-Tower Consortium Inc. for its transfer of 578 out of the 1,350 towers sought for turn over to the consortium.
The communications towers are located in the Visayas and Mindanao. Around 92 percent of these assets are ground-based towers and the balance are on rooftops.
Globe has already completed the sale of 2,988 out of 7,059 towers that have been transferred to tower companies, raising around P39 billion thus far.
Phil-Tower, which builds and operates communications towers, is a consortium formed by the utilities specialist firm Macquarie Capital and the Pan-Asian Digital Shared Infrastructure group: Global Network, Inc. with operations in Malaysia, Indonesia and Myanmar.
Globe chief finance officer Rizza Maniego-Eala said the transfer of nearly half of the towers sold in September to Phil-Tower provides the company with “financial flexibility especially in the current macroeconomic backdrop of high inflation and increasing interest rate environment.”
She said Globe seeks to turnover more towers in the coming months to secure more funds to help bankroll its capital expenditure set at $1.3 billion this year and $1 billion in 2024.
