The board of directors of Ayala-led Globe Telecom approved the plan to increase the firm’s authorized capital stock to P11.25 billion from P10.25 billion.
In a disclosure on Tuesday, the listed telecommunications company said it would notify the bourse again after securing approval from the Securities and Exchange Commission (SEC).
The reason for Globe’s proposed hike in its capitalization was not specified, but its regulatory filing indicates the move was “for business purposes.”
Broken down, the proposed authorized capital stock will be divided into 168.93 million common shares with P50 par value per share, 160 million voting preferred shares with P5 par value per share and 40 million nonvoting preferred shares with P50 par value per share.
Globe saw its net income grow by 27 percent to P23.72 billion last year on the back of better topline figures. Total revenues, which were driven by home internet business, improved by 4 percent to P167.75 billion for the period.
Last year, the telecommunications firm spent P92.8 billion to build 1,407 new cell towers, upgrade 22,300 mobile sites, install 1.4 million fiber-to-the-home lines and enable over 2,000 5G outdoor sites.
It earmarked P89 billion worth of capital expenditures this year to ramp up 5G, 4G/LTE and fiber services; and to build additional cell sites around the country.
New CIO
This month, Globe appointed vice president of financial control team Raul Macatangay as its chief information officer (CIO) beginning May 1 following the appointment of incumbent official Carlo Malana to head Ayala group’s data center business.
Macatangay, Globe said, would be working with the management and the different teams in information systems, infrastructure technology services and enterprise architecture.
As CIO, he will be reporting to the chief transformation and operations officer of Globe.
The Ayala-led company said that Macatangay has over 25 years of leadership experience in related fields, such as information technology, technology risk consulting, marketing, system implementation and customer intelligence and analytics, among others. He finished his degree in commerce, major in accounting, at the University of Santo Tomas.