Globe Telecom, Inc. is moving closer to establishing a separate tower holding company now that it has secured clearance from the Securities and Exchange Commission (SEC).
In a disclosure to the stock exchange on Wednesday, Aug. 22, the telco giant said it was granted approval by the SEC on Monday to incorporate GTowers, Inc.
It said putting up a distinct tower company would “help speed up the building and deployment of cellular towers in the country.”
This development comes after Globe secured approval from its Board of Directors last month to start the process of incorporation for the new tower company.
The company said in February it was considering divesting its cellular tower assets to build a tower unit with third party companies. It said at that time it had already started talking to independent companies, but Globe President and Chief Executive Officer Ernest L. Cu told reporters last month it has yet to come up with an agreement.