Dennis Uy's DITO Telecommunity secures funds to expand network as it nears 14M subscribers

Listed DITO CME Holdings has raised P2.05 billion through a fully subscribed follow-on offer, boosting finances as its telecommunications business nears 14 million subscribers and targets a 45 percent year-on-year revenue growth in 2024.

The funds from the offer will fuel telco unit DITO Telecommunity’s network expansion, which is on course to turn profitable by 2028.

“We would like to thank the investing public for their steadfast support which enabled the success of this [follow-on offering],” DITO CME chair Dennis A. Uy said in a statement.

The shares were listed on the Philippine Stock Exchange on Friday. 

Donald Patrick L. Lim

​DITO CME president, COO 

Meanwhile, DITO Telecommunity is on track to achieve a 45 percent year-on-year revenue growth with two months remaining in 2024.

“We are very happy with DITO CME’s investment in DITO Telecommunity. In a short span of time and during a global pandemic no less, DITO Tel has been able to build from the ground up a brand-new world-class 4G-5G network,” DITO CME president and chief operations officer Donald Patrick L. Lim said in the same statement.

“Nearly 14 million Filipinos are now DITO users and enjoy fast and reliable telecom services,” he added.