Globe earns ₱5.5B more from tower sale

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Metro Manila (CNN Philippines, May 19) — Ayala-led Globe Telecom generated an additional ₱5.5 billion as it continues to transfer assets, with the latest transaction covering the handover of 431 towers.

The major telco player said the assets turned over to Frontier Tower Associates Philippines Inc. are composed of 82% ground-based towers, while the rest are rooftop towers.

Following this third closing, Frontier Tower Associates now holds a total of 1,981 acquired towers.

Globe said total collections from tower sales now stand at ₱47.9 billion.

"We are more than halfway done towards the full turnover of the towers to Frontier and this transaction could not have happened at a more opportune time. Despite persistent economic headwinds, we remain committed to providing the country seamless digital connectivity," said Globe Chief Finance Officer Rizza Maniego-Eala.