GLOBE SETS UP COMPANY FOR TOWER ASSETS

Globe Telecom has taken a step forward to fulfill its plans to divest its tower assets, in line with the company’s thrust to continuously improve internet connectivity. Last Thursday, July 5, Globe told the Philippine Stock Exchange that it began incorporating a separate tower holding company. As soon as it gets approval from the Securities and Exchange Commission, this will operationalize the divestment of all or part of its tower assets through a separate company. “Putting up more towers based on global standards within strategic areas will make spectrum use more efficient. We should work together and find all means to supplement the build for towers, either through telcos or tower companies. This, in turn, will bring us closer to first world internet connectivity,” said Ernest Cu, president and CEO of Globe Telecom. The Philippines has one of the lowest tower densities in the world with under 20,000 towers serving 100 million people. Approximately 50,000 more towers should be built to serve current voice and data traffic needs.