GLOBE Telecom, Inc. stockholders on Tuesday approved the company’s plan to increase its authorized capital stock to P11.25 billion from P10.25 billion.

This will be divided into 168.93 million common shares with a par value of P50 per share, 160 million voting preferred shares with a par value of P5 per share, and 40 million nonvoting preferred shares with a par value of P50 per share, the company said in a disclosure to the stock exchange.

Without giving details, the company has said the move is “for business purposes.”

The company’s annual stockholders’ meeting was held on Tuesday.

Globe saw its core net income for 2021 grow by 9% to P21.2 billion from P19.5 billion in 2020.

Its full-year consolidated service revenues grew by 4% to P151.5 billion from the P146.4 billion reported in 2020.

The company attributed its growth to the “sustained outstanding performance of home broadband as well as corporate data.”

It invested P92.8 billion for capital expenditure (capex) projects last year. The total capex for 2021 represented 61% of gross service revenues and 124% of EBITDA, or earnings before interest, taxes, depreciation and amortization, it said in a statement.

About 86% of the capex went to data-related requirements.

Globe’s capex budget for 2022 is around P89 billion, as it aims to continue expanding and improving its network, with increased funding for the rollout of the fiber network and the 5G (fifth-generation network) service.

Globe Telecom shares closed 0.33% higher at P2,446 apiece on Tuesday. — Arjay L. Balinbin