GLOBE Telecom Inc. on Wednesday said it signed a P7-billion term loan facility with Land Bank of the Philippines (Landbank).
In a statement, the Ayala-led telecommunications company said proceeds from the seven-year loan will be used for its capital expenditures (capex).
This year, Globe allocated $850 million for capital expenditures, mostly for data-related projects. As of end-September, the company said it has already spent P36.8 billion or around $731 million in capex. The bulk or around 84% has been used for projects to improve data network capacity and coverage.
Globe reported its nine-month attributable profit jumped 11% year on year to P12.99 billion, following a 6% increase in revenues to an all-time high of P95.14 billion.
The company attributed the higher revenues to its growing data segment, driven by its mobile and home broadband businesses, as well as its partnerships with global companies for innovative digital services.
Shares in Globe rose 2.69% or P48 to close at P1,830 each on Wednesday.
