Globe Telecom on Monday reported selling 181 telecommunications towers to MIESCOR Infrastructure Development Corp. for P2.17 billion, completing 1,529 of the 2,180 it committed to MIDC.
“The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayments and debt avoidance with the expectation to improve the balance sheet health of the company,” the company said.
In August 2022, Globe agreed to sell and leaseback all 5,709 telecommunications towers and related infrastructure in transactions worth P71 billion.
Of the total, 2,180 towers will be sold to MIDC for P26 billion more and the remaining 3,529 towers to Frontier Tower Associates Philippines Inc. for P45 billion.
Globe projects recognizing estimated post-tax gains of P13.5 billion from the transaction.
The telco earlier reported net income of P24.6 billion in 2023, down 29 percent from P34.60 billion in 2022.
Excluding the impact of one-time gains, normalized net income would have been P19.1 billion, down 4 percent from 2022.
Globe’s consolidated service revenue grew 3 percent to P162.3 billion from P158 billion last year, which was traced to the outstanding performance of the mobile and corporate data business and robust growth of its non-telco services.
