Under the offer, the company says it expects to raise up to 32 billion pesos ($826.8 million), which will be used for the expansion of the mobile and broadband network as well as debt repayment.
The board of Globe Telecom, a joint venture company (JVCo) of Singapore Telecommunications (Singtel), has approved a stock rights offer on June 20.
The company’s principal shareholders, Singapore Telecom International, a wholly-owned subsidiary of Singtel, and Ayala Corporation have both indicated their support for the offer.
