Globe receives P1.9 billion on third tower sale to Miescor
Globe Telecom (Globe) has received P1.9 billion ($34 million) for the third closing of 160 towers acquired by Miescor Infrastructure Development Corporation (MIDC).
“Globe and MIDC are one in getting this partnership up to speed with the latest batch's closing, and we undertake to turn over more in the coming months," said Rizza Maniego-Eala, chief finance officer at Globe.
"I am delighted that our tower initiatives continue to provide enormous support in our corporate financing and in the acceleration of our network expansion, which are essential as we digitally enable Filipinos one innovation at a time.”
These tower assets are composed of 123 ground-based towers and 37 rooftop towers. With this latest closing a total of 1,020 out of the 2,180 towers have been successfully transferred to MIDC.
“We are dedicated to supporting network operators in meeting the evolving needs of businesses and consumers in this rapidly evolving digital age," added Helen Grace T. Marquez, president and CEO at MIDC.
"Our shared goal is to transform the Philippine digital landscape and enable greater access to digital services for all Filipinos. This achievement is a testament to our unwavering dedication, and we look forward to continuing our fruitful collaboration with Globe to make our shared vision a reality.”
Globe has completed 44% of the total sale of its tower assets, equivalent to 3,280 towers out of 7,506 have been transferred to the tower companies. Additional closings will happen as and when closing conditions are met.
“At Globe, we always have in mind the development of our countrymen's stature and how to make their lives easier through digital solutions," said Ernest L. Cu, president and chief executive officer at Globe
"In doing so, we collaborate and forge partnerships with multiple public and private entities to ensure these conveniences are accessible to Filipinos regardless of their area. We are certain that our partnership with MIDC reinforces this objective and are excited to see what we can accomplish together.”