Globe unit Asticom bullish about operations, eyes ₱4B in revenues

Metro Manila (CNN Philippines, March 23) – Asticom Group, a subsidiary of Globe Telecom, is looking forward to welcoming strategic investors as it targets to go public amid its “aggressive” push to expand its operations.


The company, a shared services provider, is part of Globe’s goal of moving beyond the telco market, riding on the success of mobile wallet GCash.


READ: Globe rebounds to pre-pandemic levels, explores new revenue sources beyond telco


Mharicar Castillo-Reyes, president and CEO of Asticom, said conducting an initial public offering (IPO) is included in the group’s “five-year plan”.


“That is part of our strategy in order for us to continue growing our portfolio,” she said in a virtual briefing on Wednesday.


Reyes said the group has been approached by a number of private equities, and Asticom is already “in the process of talking to them”.


“[They] have raised interest in potentially having that strategic partnership,” she said.


Asked about the group’s revenue target this year, Reyes said she is confident the company could “double” the ₱2 billion it booked in 2021.


“We are aiming for an aggressive target for 2022,” she declared. “It is going to be an exciting ride for the entire Asticom Group of Companies.”


“The growth drivers really be on the new subsidiaries and businesses that we have,” Reye said. “One of the biggest areas is … Finsi (Fiber Infrastructure and Network Services Inc.) given the aggressive requirement for us to support the telco industry and the technology industry in rolling out new technologies that would help us in terms of connectivity.”


Aside from Finsi, Asticom’s units include Asti Business Services Inc., which focuses on IT and business solutions; BRAD Warehouse and Logistics Services Inc., a logistics solutions provider; and HCX Technology Partners Inc. for HR and digital solutions.


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