Globe Telecom raises PHP 10-B from preferred shares

MANILA — Globe Telecom Inc., has raised PHP 10 billion from the sale of preferred shares in efforts to fund capital expenditures this year.

The announcement was made available by Globe in a disclosure in the Philippine Stock Exchange (PSE) website, www.pse.com.ph.

“We wish to inform you that Globe Telecom Inc. Series A Non-Voting Perpetual Preferred shares with an aggregate issue size of PHP 7.0 billion and an oversubscription option of up to PHP 3.0 billion were fully subscribed as of the end of the offer period Aug 15, 2014,” Globe said.

The telecom further said that the Preferred Shares will be listed in the Philippine Stock Exchange on Friday (Aug 22) for the full amount of PHP 10 billion.

To recall, Globe earlier told the PSE that its total capex budget this year is USD 650 million.

Meanwhile, consolidated net income for this year was up by 385 percent to PHP 6.8 billion from PHP 4.41 billion in the same period last year.

The growth in net income was driven by lower depreciation charges, gains from foreign exchange movements and lower interest expenses recognized during the period, Globe said.