SG brief: Globe Telecom and Singtel

Philippine 50-peso notesPhilippine 50-peso notes

The Philippines’ Globe Telecom plans to raise up to PHP32 billion via a stock rights offering to fund the expansion of its mobile and broadband network and to repay debt, the telco said in a statement filed to SGX.

Singtel and Ayala Corp., the telco’s main shareholders, plant to support the rights offer, the statement said.

Singapore telco Singtel holds an effective 21.5 percent of Globe, according to Singtel’s annual report.