By Regina Coeli T. Aquino
TELECOMMUNICATIONS giant Globe Telecom Inc. received the go-signal from the Securities and Exchange Commission (SEC) to create a new holding company that will handle its noncore businesses.
The company on Wednesday disclosed to the Philippine Stock Exchange that the SEC approved the incorporation of Globe Capital Venture Holdings on June 30.
Globe’s board of directors approved on June 16 the creation of the new wholly owned firm, which will consolidate and develop Globe’s strategic businesses.
The telco has six other 100-percent owned subsidiaries. These are information technology services provider Asticom Technology Inc.; mobile commerce services provider G-Xchange Inc.; voice-over-Internet protocol services provider GTI Business Holdings Inc; wireline data and voice services provider Innove Communications Inc.; incubator-investment firm Kickstart Ventures Inc.; and technology solutions company Yondu Inc.
For the first quarter of the year, Globe posted a revenue of P4.2 billion, which is 43 percent higher than the revenue it registered in the same period last year.