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.

ALSO READ: Keppel inks revised deal on merger of its O&M division with Sembcorp Marine

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.

Follow the link for more news on

SGX

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

Skylink sells $5m bonds at 8% to boost credit business

The two-year issue is unlisted and pays interest every six months.

Markets & Investing

2 hours ago

Mi Material launches $215m IPO amidst Asia, US expansion plans

The company plans to establish an R&D and demo centre in Texas.Semiconductor materials unit Mi Material Holding Ltd has launched a $215m initial public offering (IPO) on the Singapore Exchange (SGX) Mainboard to support its expansion plans across Asia and the United States (US).

Markets

2 hours ago

Keppel REIT to buy 51% of Keppel South Central