Globe Telecom has made more than P2 billion from the sale and leaseback of inactive assets to Unity Digital Infrastructure Inc., which is backed by the Aboitiz family.
Globe said in a filing with the government that it gave another set of 55 towers to Unity for a cash payment of PHP660 million.
Before this, in July, Globe sold 115 units to Unity for a total of PHP1.4 billion. This was the first batch of towers that Unity got from Globe.
As of August, Globe had gotten PHP2.06 billion from the sale of its tower to the company run by Aboitiz. In the deal, the mobile giant pays Unity at least 277 more towers. From these towers, it can get an extra PHP3.34 billion to help its finances.
Globe said it is looking forward to getting all 447 towers that Unity bought from it back. The company, which is run by Ayala, also said that if its tower sale went well, it would get new money that could be used to pay for capital expenses and pay off debt.
At the moment, high prices and macroeconomic risks are making it hard for Globe to keep making money.
Globe’s net income for the first semester went down by 26%, to PHP14.33 billion, because costs went up faster than earnings.
So, Globe is lowering its capital expenditures forecast for 2023 from a high $1.9 billion last year to $1.3 billion. In the same way, the company is changing from just being a telco provider to a tech innovator so it can give more services and make more money.
