Globe Telecom has now raised USD1.73bn from tower sales

Filipino fixed and mobile operator Globe Telecom says its mobile tower sale and leaseback programme has now generated total proceeds of PHP96.32 billion (USD1.73 billion) from the sale and leaseback of its telecom towers. In a press release yesterday (22 May) the Ayala Group unit confirmed the sale of ‘non-strategic infrastructure’ – in what is potentially the largest sale and leaseback transaction in the Philippines – has now topped over 7,500 (following a recent contract with Unity Digital Infrastructure), putting the project towards the ‘upper threshold of its divestment plan’. Furthermore, Globe says that it has also successfully transferred 44%, or 3,120 assets of the 7,059 acquired by tower companies, yielding about PHP40.5 billion. Globe intends to use the proceeds for capital expenditure investments, facilitating the improvement of the company’s financial standing.