Globe close to completing tower sale, over 6.9k sold

Telco-to-tech giant Globe Telecom Inc. has turned over another batch of towers to their buyers, this time raising P1.34 billion to inch closer to finally concluding the sale.

- By ELIJAH FELICE ROSALES

In a disclosure to the Philippine Stock Exchange, Globe said it has transferred 84 towers in Visayas and Mindanao to PhilTower Consortium Inc. for P1.2 billion.

Apart from this, Globe handed over 12 towers in Luzon to Manila Electric Co.'s unit MIESCOR Infrastructure Development Corp. (MIDC) for P144 million.

Globe has thus far completed the transfer of 6,945 towers through sale and leaseback deals with several buyers. This provided Globe with P89.3 billion in proceeds, which is now 93 percent of what it would book from tower sale.