Globe Telecom Inc. on Friday said it completed the sale of 29 towers to MIESCOR Infrastructure Development Corp. (MIDC) for P348 million.
Cumulatively, Globe has closed 1,149 of the 2,180 towers it sold to MIDC.
“There will be multiple closing dates which will happen as and when closing conditions are met,” Globe said.
“We will continue to provide updates on the relevant development of the disposal of tower assets in due course,” it added.
In August last year, Globe entered separate agreements with MIDC and Frontier Tower Associates Philippines, Inc. for the sale of 5,709 towers amounting to P71 billion.
The company said two-thirds of the towers are located in Luzon and another 19 percent and 15 percent are in Mindanao and Visayas, respectively.
Globe said 75 percent of the proceeds from the sale of the telco towers would finance its network expansion, while 25 percent would be used to pay maturing debt.
The company earlier booked net income of P14.37 billion in the first half of the year, down 27 percent from last year’s P19.68 billion.
Core net income, which excludes non recurring charges, foreign exchange adjustments and mark-to market charges, closed at P9.9 billion during the period, up 22 percent on sequential basis.
Globe consolidated service revenue amounted to P80.4 billion in the first half, up 2 percent compared to the same period last year.
