Globe raises P17B in stock rights offer

GLOBE Telecom formally listed 10,119,047 common shares newly issued to shareholders that participated in the recently concluded Rights Offer on the Philippine Stock Exchange.

The common shares were sold in the offer at P1,680 per share, raising gross proceeds of approximately P17 billion.

The offer marks the triumphant return of Globe to equity capital markets after more than two decades since it last raised equity from its shareholders.

The warm reception of the investing public to Globe’s Rights Offer was achieved despite tumultuous financial market conditions, solidifying the status of Globe as an outperformer despite market headwinds.

The offer was oversubscribed, and all the Offer Shares were fully allocated to existing shareholders. Proceeds from the offer will be used to partly fund capex and pay the company’s short-term debt obligations.

It will also enable the company to further expand its digital ecosystem and differentiate itself in the market as it capitalizes on opportunities in and beyond telecommunications. (PR)