Globe Telecom Inc. said Tuesday it received P1.9 billion from the transfer of 160 towers to MIESCOR Infrastructure Development Corp.
It said with the latest transaction, some 1,020 of the 2,180 towers were successfully transferred to MIDC.
The company completed 44 percent of the sale, with 3,280 of 7,506 towers already transferred to the tower companies.
“Globe and MIDC are one in getting this partnership up to speed with the latest batch’s closing, and we undertake to turn over more in the coming months,” said Globe chief finance officer Rizza Maniego-Eala.
“I am delighted that our tower initiatives continue to provide enormous support in our corporate financing and in the acceleration of our network expansion, which are essential as we digitally enable Filipinos one innovation at a time,” she said.
MIDC president and chief executive Helen Grace Marquez said: “We are dedicated to supporting network operators in meeting the evolving needs of businesses and consumers in this rapidly evolving digital age.”
“Our shared goal is to transform the Philippine digital landscape and enable greater access to digital services for all Filipinos. This achievement is a testament to our unwavering dedication, and we look forward to continuing our fruitful collaboration with Globe to make our shared vision a reality,” she said.
Globe earlier signed an agreement with Unity Digital Infrastructure, a partnership between Aboitiz InfraCapital and Partners Group to sell another 447 towers for P5.4 billion.
The tower assets consist of 84-percent ground-based towers and 16-percent rooftop towers.