Globe Telecom Inc. has inked a P3-billion loan with China Banking Corp. to boost its capital expenditures and finance other spending obligations.
"The loan shall be used to finance the company's capital expenditures, refinancing of maturing obligations, and general corporate requirements," it said in a regulatory filing.
The Ayala-led telecom said in May that it had already spent P10.7 billion in the first quarter of the year, with spending expected to be lower in the second quarter.
"Given the full impact of the ECQ and the delays the company experienced with its network rollout, capex for the second quarter will likely be lower by at least P2 billion from the first quarter capex spend," it said.
"Although plans to ramp up spending once operations normalize (and) are in place, the full impact on the planned 2020 capex is currently being re-evaluated," it added.
In a separate statement, Globe said it set to start several cell site builds in different parts in the country in the next three months starting July.
"In order to complete the installations of the cell sites and towers, our customers and the public in general may experience temporary disruptions in their call, text and mobile data services," said Joel Agustin, Globe SVP for Program Development-Network Technical Group.
"We would like to assure our customers that we will send out advisories days before the service disruptions will happen so that they can fully prepare when the time comes," it added.
Globe said affected customers will receive advisories through SMS or other available channels regarding the anticipated service interruptions. -By JON VIKTOR D. CABUENAS, GMA News
Source: Peso Economics
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