Globe raises $410m in stocks rights offer

Singtel and Ayala Corporation are the company’s principal shareholders.

Globe has raised P17b ($410m) after it formally listed 10,119,047 common shares newly issued to shareholders from a recently concluded rights offer, according to a bourse filing in the Singapore Exchange.

The common shares were sold in the Offer at ₱1,680.00 ($40.90) per share. The offer was oversubscribed and was fully allocated to existing shareholders.

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Globe said it plans to use the proceeds from the offer to party fund capex and pay the company’s short-term debt obligations. It will also use it to further expand its digital ecosystem.

“This support reflects trust in the capability of Globe to execute our core business and digital service platform initiatives. We are truly appreciative of their continued partnership with us to create and enable the digital life of the Philippines,” Globe President and Chief Executive Officer Ernest Cu.

Ayala Corp., and Singapore Telecom International Pte. Ltd, a wholly-owned subsidiary of Singtel, Globe's principal shareholders, supported the offer by exercising their preemptive rights to subscribe to their respective pro rata share in the offer.