GLOBE Telecom Inc. on Monday said it had transferred 187 cell towers to Frontier Towers worth P2.38 billion.
Cumulatively, Globe has closed 2,492 — worth P31.64 billion — out of 3,529 towers to be acquired by Frontier Towers.'The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayments and debt avoidance, with the expectation to improve the balance sheet health of the company,' the company said in a statement.
Of the total, 2,180 towers will be sold to MIDC for P26 billion, while the remaining 3,529 towers will go to Frontier Tower Associates Philippines Inc. for P45 billion.Globe earlier reported a net income of P6.8 billion in the first quarter, down by 7 percent from P7.3 billion last year.Excluding the one-time gain from the tower sale, normalized net income would have been at P5.8 billion, a 13 percent increase compared to the previous year.Core net income was said to have climbed to P5.
Transfers More Towers Worth P2.38B
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Globe transfers 181 new cell towers worth P2.38b to FrontierDefining the News
Read more »
Globe warns vs bogus SIM registration linksGLOBE Telecom Inc. is warning subscribers to be careful of fake SIM registration links that are aimed at deceiving the public into sharing sensitive information.
Read more »
Globe urges stronger anti-piracy effortGLOBE Telecom Inc. wants stronger measures such as site blocking to combat intellectual property violations and online piracy.
Read more »
Globe widens 5G network despite reduced spendingGLOBE Telecom Inc. remains committed to widening its 5G network despite slow adoption due to the high cost of 5G-compatible devices.
Read more »
Globe boosts network to cover isolated areasGLOBE Telecom Inc. over the weekend said that it had significantly expanded its network to provide services to over 500 geographically isolated and disadvantaged areas (GIDAs) in the Philippines.
Read more »
Globe joins GSM group's Open Gateway initiativeGLOBE Telecom Inc. has signed a memorandum of understanding (MoU) with international industry organization GSM Association (GSMA) to improve the delivery of mobile services across networks worldwide.
Read more »