GLOBE Telecom, Inc. said it is close to finalizing its tower sales to Phil-Tower Consortium, Inc. (PhilTower) after selling another 48 towers for P710 million.

This brings PhilTower’s total acquisitions to 1,148 towers, or 85% of the planned 1,350 towers, Globe said in a statement on Monday.

Globe said proceeds from this transaction will yield additional funds for its future capital expenditure, debt repayments and will improve the company’s balance sheet.

In 2022, Globe signed an agreement with PhilTower for the sale of its 1,350 telecommunication towers and related passive infrastructure for about P20 billion. 

In the same year, Globe also signed an agreement with Miescor Infrastructure Development Corp. (MIDC) and  Tower Associates Philippines, Inc. for the sale of 5,709 telecommunication towers and related passive infrastructure for about P71 billion.

Frontier is set to acquire a total of 3,529 towers for P45 billion, while MIDC will acquire 2,180 towers for P26 billion.

PhilTower is a local tower company. It builds shared telecommunication infrastructure for mobile operators.

For this year, Globe is allocating $1 billion for its capital expenditures funded by internally generated funds, debts, and proceeds from its tower sales. 

At the local bourse on Monday, shares in the company closed P47 or 2.43% higher at P1,975 each. — Ashley Erika O. Jose