MANILA, Philippines — Globe Telecom and SkyTowers on Monday said it signed a lease agreement covering transmission towers in Southern Luzon.
SkyTowers Infra Inc. a Philippine subsidiary of Thailand-based firm Sky Tower Plc, is the first high-voltage tower manufacturer and leading tower supplier in Thailand.
In a statement, Globe said the partnership with SkyTowers is part of its strategy to "monetize passive assets to 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 Globe, said at a recent dinner hosted by Thailand's Ambassador Tull Traisorat.
"We look forward to further strengthening our relationship with Thailand in this venture and other areas of collaboration,” Cu added.
The telco said that it hopes that after Southern Luzon, it will expand the infrastructure deal through tower leasing for areas in Visayas and MIndanao.