Globe Telecom Inc. said Friday said it transferred 29 towers to MIESCOR Infrastructure Development Corp. for P348 million.
Globe said that in total, it closed 1,149 out of 2,180 towers to be acquired by MIDC.
“There will be multiple closing dates which will happen as and when closing conditions are met,” Globe said.
“We will continue to provide updates on the relevant development of the disposal of tower assets in due course,” the company said.
Globe signed in August 2022 separate agreements with MIDC and Frontier Tower Associates Philippines Inc. for the sale of 5,709 towers amounting to P71 billion.
The company said two-thirds of the towers are located in Luzon, while 19 percent and 15 percent are in Mindanao and Visayas, respectively.
Globe said 75 percent of the proceeds from the sale of the towers would finance its network expansion, while 25 percent would be used to pay maturing debts.
The company earlier booked a net income of P14.37 billion in the first half of 2023, down by 27 percent from last year’s P19.68 billion.
Core net income, which excludes the impact of non-recurring charges, foreign exchange and mark-to market charges, reached P9.9 billion in the six-month period, or up 22 percent on a sequential basis.
Consolidated service revenues amounted to P80.4 billion in the first half, up 2 percent from the same period last year.