Globe Telecom braves international equity investors

Filipino cellular operator Globe Telecom has begun roadshows for its innovative issue of Philippine Depositary Receipts (PDRs).

The roughly $100 million offering marks the first international equity offering from the Philippines since the last and to date only PDR issue by ABS-CBN last November.

Country specialists also believe that Globe is one of the few companies in the Republic still capable of attracting the attention of international fund managers. Says one banker. If there's any deal from the Philippines that will go, this is it.

Led by BPI Capital Corp and Morgan Stanley Dean Witter, the transaction has three components comprising an initial exchange of existing common shares into PDRs a global offering of new common shares and subsequent to the close of the transaction, an evergreen...

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