MANILA, Philippines - Globe Telecom raised P10 billion from the sale of preferred shares to help fund capital expenditures this year.
In a disclosure to the stock exchange, Globe said the 20 million preferred shares worth P500 per share were fully subscribed.
"We wish to inform you that the Series A non-voting preferred shares with an aggregate issue size of P7 billion and an oversubscription option of up to P3 billion were fully subscribed as of the end of the offer period last August 15," Globe said.
Globe said the non-voting preferred shares will be listed on the Philippine Stock Exchange on Friday (August 22).
Globe's total capex budget this year is $650 million, or over P28 billion.
Most of it will be used to enhance and expand its data network.
Globe's profit surged by 285 percent to P6.84 billion in the first half.