Ayala-led Globe Telecom Inc. is setting up for a P17-billion stock rights offering, although significantly lower than its initially proposed offering of up to a P32-billion float in July.

Globe said the offering size reduction ensures that the company's cash management remains efficient.

"This reduction in size is to consider the proceeds from the tower sale to ensure we are efficient in terms of cash management. When we originally announced the P32 billion, Tower Sale was not yet envisioned," the company said.

Pricing known 8 Sept

In a regulatory filing on Tuesday, the company disclosed the Philippine Stock Exchange greenlighted its SRO last 1 September, which would entitle shareholders on record by 21 September to subscribe to the offered shares at an offer price per Entitlement Right representing an 18 percent to 25 percent discount.

Based on the company's approved timetable, the SRO price will be determined on Thursday, 8 September. The offer period is set to run from 3 to 7 October, while its tentative listing on the PSE board will be on 28 October.

"The dates listed are subject to market and other conditions and may be changed at the discretion of the Company and the Underwriters, subject to the approval of the PSE," Globe said in its disclosure.