Globe recently raised P10 billion from the issuance of 20 million Series A Non-Voting Perpetual Preferred shares with a subscription price of P500 per share.
Shares were listed on August 22 at the Philippine Stock Exchange (PSE), with Globe Telecom President and CEO Ernest Cu ringing the ceremonial bell to kick off the day’s trading.
PSE chairman Jose Pardo said the oversubscription option testifies to the degree of investor confidence in the company’s future. Additionally, citing a recent report by OpenSignal—a site that crowdsources cellphone signal strength—Pardo noted that Globe provides the fastest internet service in the country.
The P10 billion proceeds will largely go to further enabling the Globe network to meet the growing data requirements in the country. Specifically, around 90% of the proceeds will be used for the expansion of the company’s rollout of LTE technology.
Globe is the first telco company in the Philippines to achieve 100% 3G coverage for its entire network, and by the end of the third quarter, 100% of its network will be equipped with 4G HSPA+ technology, enabling Globe users across the country to experience seamless, high-speed internet connectivity.