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Stock Market News

Philippines’ Globe sells telecoms towers for $340 million

09/27/2022

Less than a minute

2022.09.26 22:52

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Philippines' Globe sells telecoms towers for $340 million
Philippines’ Globe Telecom (OTC:) Inc said on Tuesday it has signed a deal to sell more than a thousand telecoms towers for 20 billion pesos ($340 million) to fund expansion and pay off maturing debts.

In a disclosure, Globe said it will sell 1,350 towers located in central and southern Philippines, and will lease them back from Phil-Tower Consortium. Globe has so far sold a total of 7,059 towers, raising 91 billion pesos as it unloads passive assets.

($1 = 58.82 Philippine pesos)

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