Globe signs $100 million loan to fund capex

GLOBE Telecom, Inc. reported on Monday that it had signed a $100 million term loan agreement with Bank of China (Hong Kong) Ltd.

“The loan will be used to finance the company’s capital expenditures (CAPEX),” Globe said in a disclosure to the stock exchange on Monday.

Globe has stated that it will invest P70 billion this year. In the first three months of the year, the company invested more than P19 billion.

“Around 91% of the investment went to data-related requirements to support the fast-growing data usage and provide superior data customer experience,” the company said.

The company’s “aggressive cell site builds, upgrades all its sites to fourth generation/long-term evolution technology (4G/LTE), and fast-tracking the fiberization of Filipino homes nationwide” are among the priorities this year, according to Globe.

Globe’s attributable net income in the first three months of the year was P7.31 billion, up 11% from P6.58 billion in the same timeframe in 2020.

Its overall revenue for the first quarter increased by 4% to P42.85 billion, up from P41.19 billion in the same time last year.

Revenues from mobile, home broadband, corporate data, and fixed-line voice rose 2.5 percent to P37.81 billion, up from P36.88 billion previously.

On Monday, Globe Telecom shares ended 1.10 percent higher at P1,831.

Source: BusinessWorld

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