Globe gets SEC approval for tower company


Posted at Aug 22 2018 09:49 AM

A logo of Globe Telecom is seen at a Globe service center in Quezon City. Picture taken May 7, 2018. Dondi Tawatao, Reuters

MANILA -- Globe Telecom said Wednesday it secured approval from the Securities and Exchange Commission to establish a separate tower company.

With GTowers Inc, Globe said it hoped to "speed up the building and deployment of cellular towers in the country."

The joint venture between Ayala Corp and Singtel is beefing up its infrastructure as the government pushes for the entry of a third player to challenge the dominance of Globe and rival Smart Communications.

Shares of Globe were up 0.15 percent in early trading Wednesday while the main index was up 0.53 percent.