Davao-based tycoon Dennis A. Uy’s telecommunications holding company DITO CME Holdings Corp. is raising up to P4.2 billion through a follow-on share sale.
The company’s board approved the sale of 1.95 billion shares at up to P2.15 per share, representing up to 10 percent of its outstanding capital stock.
DITO CME, which will disclose additional details upon finalization of the deal prospectus, owns DITO Telecommunity, a venture with China Telecom.
The company is undertaking the share sale to comply with the rules of the Philippine Stock Exchange after its backdoor listing in 2021.
In a recent interview, DITO Telecommunity president Ernesto Alberto said the company had reached 11 million mobile subscribers and remains on track to reach profitability in 2028.
Offer timetable
In another disclosure past 3:00 p.m on Friday, DITO CME said the indicative filing of the follow-on share sale requirements will happen between May 31 and June 7 this year.
Shares will be priced on Aug. 14 while the target date of listing is on Sept. 3, 2024. It clarified that dates might be changed once the deal prospectus is filed.
DITO CME also said proceeds from the share offer will be used to support the ongoing network rollout of DITO Telecommunity.
