Globe completes P17-B share sale

Globe Telecom Inc. announced on Thursday that its P17-billion stock rights offering (SRO) had been fully subscribed. The Ayala-led company sold 10.12 million common shares for P1,680 each during the Oct. 3 to Oct. 7 offer period. Listing is expected on Oct. 28. Proceeds will fund its mobile and broadband network expansion and debt repayment. This year, Globe has earmarked P89 billion for capital expenditures. The SRO was initially set at P32 billion but was downsized in consideration of the expected cash inflow from its P91-billion tower sale and leaseback agreement. More than 7,000 towers had been sold to Philtower Consortium Inc., Manila Electric Co. unit MIESCOR Infrastructur...

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