Globe completes P17-B share sale

Globe Telecom Inc. announced on Thursday that its P17-billion stock rights offering (SRO) had been fully subscribed.

The Ayala-led company sold 10.12 million common shares for P1,680 each during the Oct. 3 to Oct. 7 offer period. Listing is expected on Oct. 28.

Proceeds will fund its mobile and broadband network expansion and debt repayment. This year, Globe has earmarked P89 billion for capital expenditures.

The SRO was initially set at P32 billion but was downsized in consideration of the expected cash inflow from its P91-billion tower sale and leaseback agreement. More than 7,000 towers had been sold to Philtower Consortium Inc., Manila Electric Co. unit MIESCOR Infrastructure Development Corp. and Frontier Tower Associates Philippines in three transactions.

In a separate statement on Thursday, Globe said international investment research firm MSCI ESG had given the Ayala-led telco player an “A” rating for its environmental, sustainability and governance (ESG) standards. This rating means the company has “mixed or exceptional track record of managing the most significant ESG risks and opportunities relative to industry peers.”

“Globe as a publicly listed company takes the needs of the investing public to heart. By carefully managing our business and ESG-related risks, we have put in place the right kind of investments to ensure that the company is able to operate sustainably while adhering to the practice of good corporate governance,” Globe chief sustainability and corporate communications officer Yoly Crisanto.

In support of the United Nations Sustainable Development Goals, Globe seeks to halve its carbon emission by 2030 and achieve zero-carbon emission by 2050.

Globe grew its net income by 49 percent to P19.65 billion in the first half from P13.04 billion a year ago. This was supported by its consolidated service revenue, which rose by 4 percent to P78.9 billion for the period.