ADDITIONAL 159 TOWERS TRANSFERRED TO MIESCOR INFRASTRUCTURE DEVELOPMENT CORPORATION (MIDC) FOR ~₱1.9 BILLION
December 16, 2022, MANILA, PHILIPPINES – Globe (PSE:GLO), a leading digital platform in the Philippines with major interests in telecommunications, financial technology, digital marketing solutions, venture capital funding, data insight services, virtual healthcare and providing support to entertainment, announced today that it has received ₱1.9 billion for the second closing of 159 towers to be transferred to MIESCOR Infrastructure Development Corporation (MIDC). With this latest closing a total of 860 out of the 2,180 towers have been successfully turned over to MIDC. These tower assets are composed of 120 ground-based towers and 39 rooftop towers. Proceeds from the sale of the towers will be used to pay down debt and capital expenditures to support the ongoing network expansion.
Cumulatively, Globe has already completed 34% of the sale or a total of 2,410 towers out of 7,059 have been transferred to the tower companies. Subsequent closings will happen as and when closing conditions are met but Globe expects the final closing for all the three portfolios to happen within the next year. Globe will make relevant announcements in accordance with the applicable regulatory and disclosure rules as and when appropriate.
“This marks our last closing for Year 2022 and as we prepare to complete the rest next year, we are pleased to see that this milestone transaction has been progressing as scheduled and has already raised nearly ₱30.0 billion. Monetizing our tower assets is very timely because it has allowed us to keep our balance sheet healthy amid a rising interest rate environment,” Globe Chief Finance Officer, Rizza Maniego-Eala, commented.
Ernest Cu, Globe President and Chief Executive Officer said, “With Globe’s bid to provide superior customer service to Filipinos nationwide, we have been investing heavily into our network these past years alongside developing relevant products and services that optimize this infrastructure. We believe that our current partnerships with the tower companies will help us enhance our capex spending and our tower builds moving forward.”
“This latest milestone in our collaboration with Globe brings us closer to realizing our shared mission of improved internet connectivity which is essential in our post-pandemic economic recovery. This will eventually help us achieve our vision of becoming a major provider of sustainable digital infrastructure in the Philippines,” President of MIDC Helen Grace T. Marquez said.
