MANILA, Philippines -- Conglomerate Ayala Corp. said on Friday it expects to raise P4.6 billion ($103 million) from the sale of some of its shares in Globe Telecom Inc., and will re-invest the money in business process outsourcing operations and in subsidiary Integrated Microelectronics Inc.

"Our value as a holding company lies in our ability to re-allocate and turn over capital in order to start new investment cycles," said Ayala chairman and chief executive Jaime Augusto Zobel de Ayala in a statement.

Southeast Asia's biggest telecommunications company, Singapore Telecommunication (SingTel), said on Friday it will raise its stake in Globe to 47.34 percent from 44.47 percent after unit Singapore Telecom International Pte. Ltd. agreed to buy the additional shares from Ayala.

Shares in Ayala were 3.6 percent lower at P265.00 in late trade on Friday.

Globe was down 0.4 percent at P1,180.00, in line with losses on the broader market.

($1 = P44.70)