MANILA - Globe Telecom on Monday said it completed 32 percent of its tower deal with the transfer of 2,251 out of its 7,059 tower sale portfolio, for P28 billion.
The latest addition is the completion of the sale of 750 towers to be transferred to Frontier Tower Associates Philippines Inc for P9.5 billion, Globe said in a disclosure to the stock exchange.
With the latest closing, a total of 1,550 has been transferred to Frontier Towers, it added.
Last Sept. 23, 800 towers were transferred to Frontier Towers worth P10 billion and 701 towers to MIESCOR Infrastructure Development Corp worth P8.4 billion on Oct. 14, Globe said.
Proceeds from the sale will be used to pay debt and capital expenditure as well as support network expansion, it said.
"We are pleased with the remarkable progress of our tower deal with Frontier Towers. We believe that our strategic partnership with the tower companies is critical in this very competitive market and in providing the best internet connectivity in the Philippines that is comparable to the rest of the world," said Globe President and CEO Ernest Cu.