GLOBE TELECOM INC (PHILIPPINES)GLOBE TELECOM INC (PHILIPPINES)
Globe Telecom, Inc. (GLO) was originally incorporated on January 15, 1935 as Globe Wireless Limited with a franchise to operate wireless long distance message services in the Philippines. The Company eventually changed its name to the present one in 1992, and welcomed Singapore Telecom, Inc. as a new foreign partner the following year. GLO is a telecommunications company in the Philippines. The Company provides digital mobile communication services nationwide using a fully digital network based on the Global System for Mobile Communication (GSM) technology. GLO provides voice, data and value-added services to its mobile subscribers through three major brands: "Globe Postpaid", "Globe Prepaid" and "TM". The Company also provides its subscribers with mobile payment and remittance services under the "GCash" brand. GLO also provides fixed line communication services, wired and wireless broadband access, and end-to-end connectivity solutions customized for consumers, small & medium enterprises, large corporations and businesses. In October 2013, following the court's approval of Bayan Telecommunications, Inc.'s (Bayantel) amended rehabilitation plan, GLO acquired a 38% interest in Bayantel by converting Bayantel's unsustainable debt into common shares. This follows GLO's tender offer for close to 97% of Bayantel's outstanding indebtedness in December 2012. Upon obtaining relevant and regulatory approvals, GLO would further convert debt into a total of 56% share of the common stock of Bayantel. In October 2014, GLO received a copy of the temporary restraining order (TRO) issued by the Court of Appeals (CA) preventing the National Telecommunications Commission's (NTC) proceedings in connection with the bid of GLO to take over Bayantel. The CA advised the NTC, after the lapse of the TRO on December 9, 2014, to refrain from conducting any proceedings in connection with GLO's bid to assume majority control of Bayantel. The Company's subsidiaries are composed of Innove Communications Inc.; G-Xchange, Inc.; Yondu; GTI Business Holdings, Inc.; Kickstart Ventures, Inc.; and Asticom Technology, Inc. Source: SEC Form 17-A (2014)
