Philippine-listed telecommunications company Globe Telecom Inc disclosed on Tuesday that it signed a seven-year P7 billion ($310 million) term loan with the Philippine National Bank (PNB) meant to finance its capital expenditures (CAPEX) and corporate needs for 2015.
Globe said it plans to use the CAPEX balance to invest in new platforms and business support systems along with product innovations, store deployments, among others.
The telecom plans on tapping the growing demand for data and Internet connectivity in the Philippines, indicating in its recent disclosure that its new programmed CAPEX for 2015 would be around P28.7 billion ($650 million), of which 75 per cent would be for data-related projects.
Globe made a new consolidated service revenue record in 2014, reaching P99 billion ($2.23 billion), outdoing its P90.5 billion ($2 billion) in 2013.
The company’s core net profit was 25 per cent higher than the figure in 2013, hitting P14.5 billion ($227.5 million ) in 2014.
Globe’s last traded price was at P1,950, up by 0.52 per cent or P10 to yesterday’s P1,940.