Yugatech posted that Henry Sy, the man behind SM Malls, is rumored to buy Globe Telecoms. Here’s why I think this will not happen.
Globe is not a failing business. I’m sure you will all agree that Ayala is gaining from its Telecoms business unit. It has a promising future. You don’t sell something that gives you money now, and more money in the future. Also, I don’t think SinglTel, the foreign company which owns 47% of Globe, will sell their shares in Globe as they both “use” each other as a strategic partner in providing services to foreigners visiting and working in the Philippines and to Pinoys abroad. With this partnership, they are able to provide cheap rates and plans.
I think the rumor came about as Globe is seeking sources of funds to finance its expansion project. It will be a good move for Henry Sy to infuse some or most of the funding needed by Globe for its expansion. But for sure, Ayala will not sell Globe – for now.