As part of efforts to monetize passive assets, Ayala Group’s Globe Telecom Inc. had leased several towers in Southern Luzon to Skytowers Infra Inc., a local subsidiary of Thai firm Sky Tower Plc.
Globe and Skytowers signed the agreement on Monday, 6 February, which according to Globe is an initiative that will help the company “maintain a healthy balance sheet.”
“This partnership represents an important step in improving digital infrastructure in the Philippines, and we are excited to work with Skytowers to bring sustainable solutions to the market,” Ernest Cu, president and CEO of the Globe Group said.
“We look forward to further strengthening our relationship with Thailand in this venture and other areas of collaboration,” he added.
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Skytowers Infra Inc. is affiliated with Electric Power and Telecommunication Infrastructure, which has extensive experience in the engineering, design, and manufacturing of infrastructure build.
The company offers telecom services and T3 Technology for broadband/Fiber optic solutions in markets such as Thailand, Malaysia, Vietnam and Indonesia.
Globe is actively boosting its tower -sharing deals with other companies as the move also complements its drive to cut its carbon footprint by using renewable energy.
According to Globe, it is also looking into the possibility of expanding its tower lease agreement with Skytowers in the Visayas and Mindanao areas.
The partnership, which Globe described as a “testament to th strong relationship between the Philippines and Thailand,” will also open more opportunities for the neighboring countries.