Globe raises PHP 17 billion from share sale

Ayala-led Globe Telecom Inc. has announced it sold 10.12 million common shares worth around PHP 17 billion.

File photo: Globe logo

Globe completes share sale

According to Inquirer.net, the shares were sold for PHP 1,680 each during the Oct. 3 to 7 offer period.

Globe noted in a disclosure to the stock exchange that the proceeds will be used for "pre-payment or repayment, repurchase of all or a portion of certain borrowing, including interest, and other liabilities availed of by the company for capital expenditures," BusinessWorld said in its article.

A part of the proceeds will be used to fund the company’s capital expenditure plans, it added. Globe has set PHP 89 billion for its capital expenditures this year.

The rights shares will be issued out of the company’s increase in its authorized capital stock.

Under the terms of the offer, the subscription to and issuance of the rights shares will become complete only upon the listing of the rights shares on The Philippine Stock Exchange, Inc., Globe said.

That listing is expected to occur, subject to receipt by the company of all relevant regulatory approvals, on or about Oct. 28, it added.

Globe's attributable net income as of the second quarter increased to PHP 6 billion, up 5.3 percent from the same period last year. At the same time, total revenues also rose 5 percent to PHP 43.8 billion.

For the first half of 2022, its attributable net income climbed 51.5 percent to PHP 19.7 billion, and total revenues increased 3.2 percent to PHP 87.3 billion.

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Sources: Inquirer.net, BusinessWorld