GLOBE Telecom Inc. on Thursday said it closed the sale of another 100 telecommunications towers to PhilTower Consortium Inc. for P1.50 billion.

The latest transaction is part of a sale and leaseback agreement signed with PhilTower in September 2022, involving 1,350 towers and other related passive infrastructure for around P20 billion in total.

"Cumulatively, the company has closed the sale of 910 out of 1,350 towers to be acquired by PhilTower," Globe said in a filing with the stock exchange.

Funds raised from the asset disposal are expected to support Globe's future capital expenditures, debt repayments and debt avoidance, as well as strengthen its balance sheet.

Globe sold the first batch of 578 towers in February last year, followed by 132 towers in April and another 100 towers in November.

PhilTower is a registered common tower provider in the Philippines which builds shared telecommunications structures and facilities.

Globe's share price on Thursday climbed by P13.00, or 0.75 percent, to P1,741.