Home News Telecommunications

Singtel's Philippine associate Globe Telecom prices stock rights offering at $41.27 per entitlement right

Felicia Tan
Felicia Tan9/12/2022 03:43 PM GMT+08  • 1 min read
Singtel's Philippine associate Globe Telecom prices stock rights offering at $41.27 per entitlement right
The company will be offering a total of 10.12 million shares, with the ex-rights and record dates being Sept 16 and 21 respectively. Photo: Bloomberg
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Singapore Telecommunications’ (Singtel) Philippine associate Globe Telecom has successfully priced its stock rights offering at 1,680 pesos ($41.27) per entitlement right.

Shareholders will receive one entitlement right for every 13.2366 common shares held.

According to Globe Telecom, the price represents a 22.6% discount to the 30-day volume-weighted average price (VWAP) as at Sept 8.

The company will be offering a total of 10.12 million shares, with the ex-rights and record dates being Sept 16 and 21 respectively.

The offer period will start on Oct 3 and end on Oct 7.

The board of Globe Telecom had approved the stock rights offer on June 20. At the time, the company’s principal shareholders Singtel and Ayala Corporation had indicated their support for the offer.

See also: StarHub reports 32% y-o-y earnings drop for 3QFY2022, revenue up 14.2%

Globe Telecom had expected to raise up to 32 billion pesos through the offer. The funds raised will be used to expand the company’s mobile and broadband network as well as repay existing debt.

On Sept 8, 2021, Globe Telecom was mulling the sale of its data centres in a deal that could be worth US$200 million ($279.7 million)

As at 3.43pm, shares in Singtel are trading at $2.73, while shares in Philippine-listed Globe Telecom are trading at 2,130 pesos.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.