The telco giant will net proceeds totalling P71 billion from the sale of the towers and other passive infrastructure, according to a disclosure sent on Friday. Globe noted that the deal put in place will help them reallocate capital from passive assets.
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(PNA file photo) MANILA - Local telecommunications company Globe Telecom, Inc. (Globe) is planning to sell and lease back more than 7,000 of its towers across the country to various tower companies to raise capital while ensuring access to these necessary infrastructures. In a disclosure to the Philippine Stock Exchange (PSE) on Friday, Globe said 66 percent of these towers are located in Luzon, 19 percent are in Mindanao, while the remaining 15 percent are in the Visayas. "The tower assets up for sale are made up of 79 percent ground-based towers and 21 percent rooftop towers, and have been grouped into three unique distinct portfolios assigned to three different tower companies representing local and international groups with deep experience and expertise in telecom tower infrastructure, and engineering and construction," it said. The first portfolio being sold is made up of 2,180 telecom towers in Luzon to MIESCOR Infrastructure Development Corp. (MIDC) for PHP26 billion a
Globe Telecom Inc. aims to generate more than P71 billion from the sale of more than 7,000 telco towers within the year to finance its capital expenditures and settle outstanding debts.