Globe says proceeds from sale of telecom towers reach nearly P100b

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Globe Telecom Inc. said Monday the total proceeds from the sale and leaseback of its telecom towers reached nearly P100 billion.

The telecom unit of the Ayala Group said it has actively sold non-strategic infrastructure since last year, aiming to offload 7,000 towers in what is potentially the largest sale and leaseback transaction in the Philippines.

“At the moment I think we have upped our tower sale. We will see if there are any more opportunistic transactions for the balance year but the fact that we’re at 7,509 is already over our target,” Globe chief finance officer Rizza Maniego-Eala said. Globe said it would use the tower sale proceeds for capital expenditure investments, facilitating the improvement of the company’s financial standing.

Globe also turned over 710 of 1,350 towers, accompanied by PhilTower’s commitment to construct 750 more across the Visayas and Mindanao regions.

 

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