Globes transfers additional 160 to MIDC for P1.9B

Telco firm Globe announced Tuesday that it has received P1.9 billion for the third closing of 160 towers acquired by MIESCOR Infrastructure Development Corporation (MIDC).

These tower assets are composed of 123 ground-based towers and 37 rooftop towers. With this latest closing a total of 1,020 out of the 2,180 towers have been successfully transferred to MIDC.

Globe has already completed 44% of the sale or a total of 3,280 towers out of 7,506 have been transferred to the tower companies. Subsequent closings will happen as and when closing conditions are met. Globe will make relevant announcements in accordance with the applicable regulatory and disclosure rules as and when appropriate.

“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. 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,” said Rizza Maniego-Eala, Globe Chief Finance Officer.

“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,” MIDC President and CEO Helen Grace T. Marquez said.

Ernest L. Cu, Globe President and Chief Executive Officer stated, “At Globe, we always have in mind the development of our countrymen’s stature and how to make their lives easier through digital solutions. In doing so, we collaborate and forge partnerships with multiple public and private entities to ensure these conveniences are accessible to Filipinos regardless of their area. We are certain that our partnership with MIDC reinforces this objective and are excited to see what we can accomplish together.”