GLOBE Telecom, Inc. has closed the sale of 578 towers to Phil-Tower Consortium, Inc. for P8.6 billion as part of its capital-raising strategy to improve its balance sheet.
In a disclosure to the Philippine Stock Exchange, the Ayala-led company said it received the amount on Feb. 11, which is the first closing of the 1,350 towers set to be transferred to Phil-Tower.
In total, Globe said it has completed 42% of the sale or a total of 2,988 of its 7,059 have been transferred to tower companies, raising around P39 billion so far. Globe initially estimated a P5.2-billion gain from the transaction which it said is still subject to the carrying amount of the tower assets at the time of the actual sale.
The announcement is part of the partnership between 917Ventures, Ayala Corp. and Gogoro that aims to reduce the use of fossil fuels in the logistics industry.
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