Globe expected to earn P17B more from sale of remaining towers

Globe Telecom Inc. is seen to earn about P17 billion from the last of its cell sites that it has yet to sell to a tower firm, according to estimates of a Fitch Group unit.

In a report Monday, CreditSights said: “We anticipate Globe’s credit profile to improve over the next six months, as we believe that Globe’s modest [earnings before income, tax, depreciation and amortization] growth and cash infusion from its tower sale and equity rights issue should provide solid financial buffer for capex funding and deleveraging.”

Last week, Globe announced the signing of two agreements for 5,709 of its towers amounting to P71 billion in total.

The credit risk research firm said the entire …

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