Globe closes more tower sales for P1.5B

Globe closes more tower sales for P1.5B

GLOBE Telecom, Inc. said it had closed deals for the sale of its 120 telecommunication towers to Frontier Tower Associates Philippines, Inc. for about P1.5 billion.

Overall, the listed telecommunications company has closed 2,214 out of 3,529 towers for Frontier Towers’ acquisition, it told the stock exchange on Thursday.

“There will be multiple closing dates which will happen as and when closing conditions are met. We will continue to provide updates on the relevant development of the disposal of tower assets in due course,” the company said.

In August, Globe closed deals to sell 213 telecommunication towers to Frontier Tower and MIESCOR Infrastructure Development Corp. for around P2.6 billion.

Globe said the sale of 113 of the towers was closed in August with Frontier Tower for a total cash consideration of P1.4 billion.

It added that 77% of the 113 towers are ground-based and 23% are rooftop-based located in Luzon, Visayas, and Mindanao.

The latest closing brings the total received by Globe from Frontier Tower to around P26.6 billion for 2,094 towers out of the 3,529 acquired by the latter.

At the local bourse on Thursday, shares in the company closed P11 or 0.64% higher to end at P1,729 apiece. — Ashley Erika O. Jose