GLOBE Telecom, Inc., which recently raised P17 billion from an oversubscribed stock rights offering (SRO), benefited primarily from its attractive discount and growth prospects, according to analysts.
On Friday last week, the company listed 10,119,047 common shares newly issued to shareholders who participated in its recently concluded rights offering on the Philippine Stock Exchange.
“The offer was oversubscribed, and all the offer shares were fully allocated to existing shareholders,” it noted, adding that “proceeds from the offer will be used to partly fund capex and pay the company’s short-term debt obligations.” Sought for comment, Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio said: “The interest of the public was piqued by the attractive discount offered by the SRO price from the Globe’s price during the announcement and even its current market price.”For his part, First Grade Finance, Inc. Managing Director Astro C. del Castillo said: “I’m not surprised if it’s oversubscribed. Number one, Globe has a good track record in the investment community.
“Globe’s aggressiveness in the digital world remains, and it continues to be one of the leading digital providers not only in telco but also in other related services,” he added.
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