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Globe says P16.5B released for capex, loan repayments

GLOBE TELECOM, INC. on Tuesday said it has used P16.46 billion for capital expenditures (capex) and loan repayments from the net proceeds of the company’s stock rights offering.

As of Dec. 31, the balance of the proceeds was P279.68 million, the company said in a regulatory filing.

Based on its disbursement report, Globe has released P6.7 billion for loan repayments and P9.76 billion for capex.

Globe’s capex covers P4.52 billion for mobile, P3.41 billion for common infrastructure, P1.51 billion for broadband, and P322.94 million for its enterprise group.

The company announced in October last year that it sold 10.12 million common shares worth nearly P17 billion.

The proceeds would 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.

A portion was intended for the company’s capital expenditure plans.

Globe released its third-quarter income in November showing a 38.6% increase to P6.82 billion from P4.92 billion in the same quarter in 2021. Its nine-month income reached P26.5 billion, a 47.6% increase from P17.96 billion a year earlier.

Globe Telecom shares closed 1.33% lower at P2,074 apiece on Tuesday. — Arjay L. Balinbin

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