Globe Telecom said its diversification into noncore businesses was bearing fruit, allowing it to move beyond traditional telecommunications and transform the company into a “digital solutions group.”
“Globe has successfully transformed its telco business into a technology-based solutions provider with a footprint in fintech, health care, entertainment, adtech, e-commerce, manpower, IT services and venture capital,” Globe said in a statement on Monday.
The company, owned by conglomerate Ayala Corp. and Singapore Telecommunications, said this became possible through its investments in so-called adjacent sectors.
Foremost among this is the company’s GCash mobile wallet, a venture with Chinese billionaire Jack Ma. Globe said the fast-growing enterprise stands as “proof that gains from diversification can manifold at the right time.”
“Globe has shown remarkable growth as a result of its exemplary performance and sound management decisions,” Globe CEO Ernest Cu said.
Other business investments included Asticom Technology, Yondu, KonsultaMD, HealthNow, and AdSpark. Globe said its stock market valuation, which stood at P360.7 billion on Monday, “shows investors’ confidence in the company’s prospects.” INQ