Globe secures P39B so far from sale of towers

Globe Telecom Inc. has generated P39 billion so far from the transfer of its tower assets to buyers under its P91-billion sale and leaseback agreements, which it said would provide financial cushion in an inflation-hit economy.

In a disclosure on Monday, the Ayala-led company announced that 42 percent or 2,988 out of the 7,059 sold towers have already been transferred to buyers.

“Subsequent closings will happen as and when closing conditions are met,” the telco giant said.

The recent closing came from the P20-billion deal with PhilTower Consortium Inc. Globe has turned over 578 out of the 1,350 towers sold to the tower company, receiving P8.6 billion as a result.

These towers are located in the Visayas and Mindanao. About 92 percent are ground-based, while the remaining are rooftop towers.

“This new milestone of transferring nearly half of the towers we sold to PhilTower last September provides us much needed financial flexibility, especially in the current macroeconomic backdrop of high inflation and increasing interest rate environment,” Globe chief finance officer Rizza Maniego-Eala said.

“With the acquisition of these assets, we continue to strengthen our position as one of the leading [tower companies] in the Philippines. We are eager to close the remaining towers,” PhilTower president Devid Gubaiani said.

Last year, Globe saw its net profit rise by 46 percent to P34.6 billion after posting all-time high consolidated revenues, driven by robust mobile and corporate data businesses.