Globe yields more towers, rings up P2.17B
Telecommunications giant Globe Telecom Inc. has secured an additional P2.17 billion of capital after turning over more towers to Misecor Infrastructure Development Corp. (MIDC) as part of an earlier sale deal.In a disclosure to the Philippine Stock Exchange on Monday, Globe said it had turned over 181 towers to MIDC.
To date, the Ayala-led firm has transferred 1,529 out of 2,180 towers, part of a P26-billion sale and leaseback deal that would help fund the telco’s expansion plans.
“There will be multiple closing dates which will happen as and when closing conditions are met,” Globe said in its filing.The agreement is in line with the government’s common tower policy that supports colocation services.
This allows independent tower companies to develop and operate these assets, which would then be shared by telecommunications players to expand wireless network coverage and save on costs, as they will no longer have to build more facilities.
In February, MIDC and Phil-Tower Consortium Inc., another buyer of Globe’s tower assets, announced that they would be forming a joint venture to expand 4G and 5G mobile connectivity in the country.
PhilTower in 2022 signed a P20-billion sale and leaseback deal with Globe involving 1,350 telecommunication assets.
Last year, Globe built 1,217 new cell sites and installed 894 new 5G sites across the country.As of end-2023, the company said it had broadened its 5G outdoor coverage, reaching 97.9 percent of the National Capital Region.
Globe also reached 92.36 percent of key cities in the Visayas and Mindanao, the company added. INQ
