GLOBE Telecom Inc. said it was on track to complete its P96-billon tower sale and leaseback deal by the end of the year, with 88 percent of the portfolio having been transferred to tower companies and P85.2 billion in gross proceeds so far generated.
The funds will support the Ayala-led telco's strategic initiatives and further strengthen its financial position, Globe said.'We are aiming to complete 100 percent of our tower sale by this year,' Globe Chief Financial Officer Rizza Maniego-Eala said in a statement.'However, even if we only reach about 92 percent by December, we will still be on track, considering that the fourth tranche of our tower sale came six months after the first three transactions,' she added.
''We believe in the concept that shared tower cost and shared tower build reduces the capex requirements for the telcos. We hope that with the reduced capex requirement, we'll be able to collectively put up more towers between the towercos and us,' he added.With the tower sale almost completed, Maniego-Eala said that Globe's financial outlook had greatly improved.
Sales On Track Done This Year Globe
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