Globe raises Php25b from preferred share sale

The offer was 2.40 times oversubscribed.

Globe Telecom said it raised Php25.0b from an issuance of 12.5m peso-denominated perpetual non-voting preferred shares.

The company said the shares were issued in two series at Php2,000 per share, with a par value of Php50 per share.

Globe said the offer was 2.40 times oversubscribed versus a Php15.0b base size, allowing it to fully exercise a Php10.0b oversubscription option.

It said net proceeds will be used to redeem all or a portion of its USD perpetual capital securities and to fund capital expenditure for network and digital infrastructure expansion and enhancement.

Globe said the preferred shares were formally listed and commenced trading on the Philippine Stock Exchange, with subscriptions also made available via the GCash app’s GStocks PH platform.