Dennis Uy’s DITO CME eyes up to P4.2-B share sale in 2 weeks

Dennis A. Uy 

DITO CME Chair 

Davao-based tycoon Dennis A. Uy’s DITO CME Holdings Corp. secured the approval of the Securities and Exchange Commission to raise funds through a follow-on share sale. 

DITO CME, which owns DITO Telecommunity, a venture with China Telecom, is selling 1.95 billion shares at a price range of P1-2.15 per share. 

This values the offer at P1.95 billion to P4.2 billion, proceeds from which will be mainly used to infuse added capital into DITO Telecommunity. 

Volatile market conditions 

DITO shares are currently trading at P1.95 per share, nearer the upper end of the indicative price range.  

Heavy financial losses and debts contributed to a roughly 17 percent stock price decline so far this year. 

September 2024 target 

According to the SEC, the share offering will run from Sept. 5-12, with the shares expected to be listed on the Philippine Stock Exchange on Sept. 20. 

“The listed telco provider will use the proceeds to fund the commercial rollout of its network expansion and for general corporate purposes,” the SEC noted. 

BDO Capital & Investment Corp. was hired to arrange and underwrite the transaction.