Globe Telecom Plans to Raise Nearly $600 Million via Rights Offer

By P.R. Venkat

Globe Telecom Inc. is planning to raise nearly $600 million through a rights offer to expand its business and also pare down debt.

The company's board has approved the plan to raise 32 billion Philippine peso ($596.2 million) through the equity offering, the telecom operator said Monday.

Ayala Corp. and Singapore Telecommunications Ltd., who are Globe's main shareholders, have agreed to support the rights offer.

Funds will be used for expanding Globe's mobile and broadband network, the company said.

It said that the rights offer will be launched after receiving the required approvals and under favorable market conditions.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

06-19-22 2120ET