Globe sells 160 towers to MIDC for P1.9 billion

Ayala-led Globe Telecom said on Tuesday that it has received P1.9 billion from the transfer of 160 towers to MIESCOR Infrastructure Development Corporation (MIDC).

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Globe revealed that a total of 1,020 out of the 2,180 towers have been successfully transferred to MIDC.

To date, the company has completed 44% of the sale, with a total of 3,280 towers out of 7,506 already transferred to the tower companies.

Globe and MIDC are one in getting this partnership up to speed with the latest batch’s closing, and we undertake to turn over more in the coming months,” said Rizza Maniego-Eala, Globe’s chief finance officer.

She added, “I am delighted that our tower initiatives continue to provide enormous support in our corporate financing and in the acceleration of our network expansion, which are essential as we digitally enable Filipinos one innovation at a time.”

MIDC president and CEO Helen Grace T. Marquez expressed their commitment to supporting network operators in meeting the evolving needs of businesses and consumers in this rapidly evolving digital age.

“Our shared goal is to transform the Philippine digital landscape and enable greater access to digital services for all Filipinos. This achievement is a testament to our unwavering dedication, and we look forward to continuing our fruitful collaboration with Globe to make our shared vision a reality,” she said.

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