Globe Telecom is spinning its tower business off into a separate company.
The operator has notified the Philippine Stock Exchange that it has initiated the incorporation of a holding firm, and will begin divesting its tower assets once it receives clearance to do so from the Securities and Exchange Commission.
In order to expedite its roll-out of towers, Globe began approaching third parties in February this year to determine its options for establishing a dedicated tower firm. With 8000 towers, the operator was planning to sell off some or all of this infrastructure to an independent tower firm so that it could more efficiently expand and optimise its network.
Globe’s president and CEO Ernest Cu said: “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.”
He noted that a holding company would permit any operator to lease space on the towers under unbiased, standardised commercial terms. Cu added: “This initiative will help accelerate the deployment of more cellular towers in the Philippines and foster competition.”
Cu also confirmed that Globe would be willing to work with its main rival Smart Communications or an incoming third operator to set up the independent tower firm, as this would be beneficial to telecoms growth in the market. Smart’s parent firm PLDT has indicated that it would not be willing to collaborate.
