Globe tower sales yield ₱89 billion

Ayala-led telecommunications giant Globe Telecom Inc. has raised more than P89 billion in proceeds from tower sales, following the transfer of 93 towers to MIESCOR Infrastructure Development Corp.(MIDC) and Phil-Tower Consortium Inc. (PhilTower).

- By DEXTER BARRO II

In a disclosure to the Philippine Stock Exchange (PSE), Globe said it has closed the sale of 12 ground-based towers in Luzon to MIDC for approximately P144 million.

The company also finalized the turnover of 84 towers in Visayas and Mindanao to PhilTower for about P1.2 billion. The bulk of the towers were ground-based, while the remaining were rooftop towers.

This year, Globe has so far completed the sale of 273 towers, generating approximately P3.5 billion in proceeds.