Globe nets P25 billion from share sale

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March 3, 2026 | 12:00am

MANILA, Philippines — Globe Telecom Inc. has raised the full amount of P25 billion from the sale of preferred shares to improve its financial health and prepare for future expansion.

Globe yesterday said it has generated P25 billion from the issuance of its cumulative, non-voting, non-participating, non-convertible, redeemable and reissuable perpetual preferred shares.

Demand overwhelmed the offer by 2.4 times over the base amount of P15 billion, forcing Globe to exercise the oversubscription option of P10 billion.

Globe said proceeds from the sale would be spent on redeeming its dollar-denominated perpetual capital securities. It is also allocating part of the proceeds for capital expenditures, as it prepares a new wave of network rollout this year.

Globe president and CEO Carl Raymond Cruz said the result of the offer shows that investors are confident in the telco’s plans for the immediate future. He also underscored Globe’s commitment to expand its nationwide reach without breaking the bank.

“This strong reception reflects confidence in Globe’s ability to execute strategic priorities, while continuing to elevate network quality and customer experience,” Cruz said.

Globe chief financial officer Juan Carlo Puno said the telco is keen on sustaining a positive cash flow in a connectivity market where everyone is struggling to grow profit.

“This transaction strengthens our capital structure, maintains financial flexibility and positions us to pursue our strategic objectives, while we maintain a clear focus on sustainable free cash flow generation,” Puno said.

Globe listed the shares and commenced their trading on the Philippine Stock Exchange. Aligned with its digital push, the telco made subscribing to the offer available through its trading platform GStocks on e-wallet arm GCash.

BPI Capital Corp., BDO Capital and Investment Corp. and China Bank Capital Corp. acted as joint lead issue managers. They are joined by First Metro Investment Corp. and Security Bank Capital Investment Corp. as joint underwriters and bookrunners.

Globe is limiting capex to below $1 billion this year, keeping the same guidance it had for 2025.

Although the telco is starting to reduce capex, it is still pursuing network expansion and product development to expand its subscriber base in a sluggish market for connectivity services.