Shares were bought up after investors digested the minutes from the September Federal Open Market Committee meeting and as many also looked ahead into the release of the inflation data on Thursday, which the street expects to have an annual pace of 8.1 percent.
The Philippine Stock Exchange index closed at 5,895.64, up 42.01 points on turnover of 458.5 million shares valued at P3.653 million.
Optimism was fed by Ayala-led Globe Telecom Inc.’s successful raising of P17 billion from its stock rights offering, lower by almost half of its original target of P32-billion float.
In a stock report, the company said once successfully listed, the number of issued and outstanding shares will increase to 322,575,565, of which 144,060,544 are common shares with a par value of P7,203,027,200.
Meanwhile, voting and non-voting preferred shares total to 178,515,021. The voting and non-voting shares have a par value of P792,575,105 and P1,000,000,000, respectively.
The proceeds from the SRO will primarily support the pre-payment or repayment, repurchase of all or a portion of certain borrowing, including interest and other liabilities of its capital expenditure plans.
Higher revenue
Globe ended the first half of the year with higher revenue that surpassed its pre -pandemic performance on the back of all-time high spending that supported its aggressive network buildup.
Consolidated service revenue hit another record at P78.9 billion during the first six months, up 4 percent year-on-year fueled by a boom in data-related products and services.
From January to June, the company spent P50.5 billion on capital expenditure, surpassing last year’s spending by 17 percent. A bulk or 84 percent of the capex was allocated for data requirements to meet consumers’ growing demand for data.