Philippines’ Globe receives overwhelming support for PHP17B rights offer

1st rights offer in over two decades Proceeds to partly fund capex and pay short-term debt obligations

MANILA, Philippines, Nov. 9, 2022 /PRNewswire/ — Leading Philippine digital solutions platform Globe (PSE: GLO) has received overwhelming shareholder support for its first rights offer in over two decades, raising gross proceeds of approximately ₱17 billion.

Globe Chief Finance Officer Rizza Maniego-Eala led the ringing of the bell at the Philippine Stock Exchange on October 28 as the Philippines’ leading digital solutions platform marked a milestone in making its first rights offer in over two decades, raising gross proceeds of around P17 billion.

Globe formally listed 10,119,047 common shares newly issued to participating shareholders on the Philippine Stock Exchange on October 28, 2022. The common shares were sold at ₱1,680.00 per share.

The offer marks the triumphant return of Globe to equity capital markets since it last raised equity from its shareholders.

The success of the offer was achieved despite tumultuous financial market conditions. Even in the face of market headwinds, the rights offer was oversubscribed and all the offer shares were fully allocated to existing shareholders. This attests to investors’ confidence in the company’s strong fundamentals and growth opportunities.

Proceeds of the offer will be used to partly fund Globe’s capital expenditure for 2022 and pay its short-term debt obligations. It will also enable the company to further expand its digital ecosystem and differentiate itself in the market as it capitalizes on opportunities in and beyond telecommunications.

As part of Globe’s digital pivot, it has invested in fintech, healthtech, edutech, entertainment, adtech, e-commerce, manpower, and information technology services. It also engages in venture capital funding for startups in the Philippines and abroad.

“We are overwhelmed by the support shown by our shareholders for this offer. This support reflects trust in the capability of Globe to execute our core business and digital service platform initiatives. We are truly appreciative of their continued partnership with us to create and enable the digital life of the Philippines,” said Ernest Cu, Globe President and Chief Executive Officer.

Globe Chief Finance Officer Rizza Maniego-Eala added: “We believe that this offer highlights Globe’s competitive differentiation in the market, further solidifies our healthy financials and enables us to pursue greater milestones while delivering industry-leading value to our shareholders. This offer, likewise, empowers the company with the necessary flexibility to navigate this ever-dynamic environment”.

The Philippines’ oldest and largest conglomerate, Ayala Corporation, and Singtel’s wholly-owned subsidiary Singapore Telecom International Pte. Ltd., also exercised their pre-emptive rights to subscribe to their respective pro-rata share in the offer. Ayala and Singtel are Globe’s principal shareholders.

BPI Capital Corporation acted as the Sole Global Coordinator, Domestic Lead Underwriter and Joint Bookrunner to the offer. UBS was the Sole International Underwriter and Joint Bookrunner, and PNB Capital was the Domestic Co-Lead Underwriter.

For more information about Globe, visit



This document is not an offer of securities for sale in the United States or elsewhere. The securities of the Company are not being registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration. There will be no public offering of the Securities in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted.

About Globe 

Globe Telecom, Inc. is a leading digital platform in the Philippines, with major interests in telecommunications, financial technology, digital marketing solutions, venture capital funding for startups, entertainment, and virtual healthcare. The Company serves the telecommunications and technology needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connectivity, internet and managed services. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implement universal sustainability principles. Its principal shareholders are Ayala Corporation and Singtel, acknowledged industry leaders in the country and in the region.

It is listed on the Philippine Stock Exchange under the ticker symbol GLO and had a market capitalization of US$5.5 billion as of the end of June 2022.