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Globe sets $500m capex for 2010
08 February 2010
Globe Telecom in the Philippines is to spend nearly $500 million in 2010 on expanding its mobile and broadband activities
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Globe
Philippines
mobile broadband
Union Bank of the Philippines
Southeast Asia Japan Cable
Philippines operator Globe Telecom has assigned nearly $500 million for capital expenditure in 2010. The company will invest $170 million in the mobile telephony business and $230 million in the broadband business to expand the coverage of its direct subscriber line, WiMax and 3G broadband services.
Globe will also invest nearly $50 million in its fixed-line data networks and another $50 million in additional one-time investments.
The company’s one-time investment includes costs related to its participation in the new Southeast Asia Japan Cable System, which will link Singapore, Hong Kong, Indonesia, Philippines and Japan.
The company will fund the expenditure with loans worth $100 million secured in 2009, and a new Union Bank of the Philippines loan of nearly $43 million.
In 2009, Globe spent $530 million in capital expenditures, including $142 million on mobile, $207 million on broadband and $52 million on fixed-line data. GTB