04 July 2024

Globe Telecom has announced more mobile site transfers to PhilTower for a capital injection to pay down debts.

The operator revealed it closed the sale of 48 sites to PhilTower Consortium for PHP710 million. In total, Globe transferred over 1,148 out of the 1,350 sites PhilTower agreed to buy in 2022 for PHP20 billion.

Globe said the cash will be made available for future capex spend, debt repayments and debt avoidance.

In 2022 Globe made deals to sell off 5,709 towers and other passive infrastructure for PHP71 billion. Operators in the Philippines have been leading the trend of selling off towers to raise capital to balance the books, as profits and revenues stagnate.

Globe reported a net income of PHP6.8 billion in Q1, down by 7% year-on-year - an impressive feat given global and local economic tensions.