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Globe board approves creation of independent tower company

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Globe Telecom Inc. said its board of directors approved the plan to establish a new company for its tower assets.

The telecommunications company said in a July 5 disclosure that it has begun the process of incorporating a separate tower holding company. After it gets approval from the Securities and Exchange Commission (SEC), the company will begin operationalizing the divestment of all or part of its tower assets through a separate company.

The company said it is part of its thrust to improve network connectivity.

In February, Globe announced that it was in talks with certain parties to form an independent tower company and divest some or all of its tower assets, to help speed up the build and deployment of cellular towers in the Philippines, and as part of its network expansion and optimization plan.

“As a major industry player we understand what this country needs to improve the internet experience of our customers. Putting up more towers based on global standards within strategic areas will make spectrum use more efficient. We should work together and find all means to supplement the build for towers – either through telcos or tower companies. This in turn will bring us closer to first world internet connectivity,” Mr. Cu said in a statement. — Patrizia Paola C. Marcelo