Globe says 10.12 million shares sold for P17 billion

GLOBE TELECOM, Inc. has sold 10.12 million common shares worth nearly P17 billion, the company announced on Thursday.

The proceeds will be used for “pre-payment or repayment, repurchase of all or a portion of certain borrowing, including interest, and other liabilities availed of by the company for capital expenditures,” Globe said in a disclosure to the stock exchange.

A portion will be used for the company’s capital expenditure plans.

The rights shares will be issued out of the company’s increase in its authorized capital stock. The telco previously increased its authorized capital stock to P11.25 billion from P10.25 billion.

“Under the terms of the offer, the subscription to and issuance of the rights shares will become complete only upon listing of the rights shares on The Philippine Stock Exchange, Inc.,” Globe said.

“That listing is expected to occur, subject to receipt by the company of all relevant regulatory approvals, on or about Oct. 28,” it added.

Globe saw its second-quarter attributable net income rise 5.3% to P6 billion from P5.7 billion in the same period last year.

Total revenues for the period increased 5% to P43.8 billion from P41.7 billion previously.

For the first half, its attributable net income climbed 51.5% to P19.7 billion from P13 billion in the same period in 2021. Total revenues for the period reached P87.3 billion, up 3.2% from P84.6 billion previously.

Globe shares closed 2.25% lower at P2,170 apiece on Thursday. — Arjay L. Balinbin