The listed holding company of telecommunications challenger DITO Telecommunity, a venture between Uy and China Telecom, earlier delayed its P4.2-billion share sale that was supposed to take place in the last week of September 2024.
In a chance interview, Lim told reporters they hope to gain approvals to list shares in early December while the offer itself will happen in November this year.
Lim said they were also concerned about pushing through with the offer last month since it coincided with other large deals such as the preferred shares offering of billionaire Ramon Ang’s Petron Corp. and Manuel Villar Jr.’s Vista Land & Lifescapes.
PSE approval sought
This involves the sale of up to 1.95 billion new shares at a price of P1 to P2.15 each. DITO CME shares closed flat at P1.89 each on Wednesday.
Leo Venezuela, DITO CME chief financial officer, said the company will secure the final go-signal from the exchange to launch the offer.
Offer supports future deals
The offer is among a series of equity deals the company aims to undertake to help plug a capital shortfall worth about P44 billion.
This will also expand the company’s free float, providing flexibility for future equity deals, including potential injections from investors and strategic partners.
Ready for growth
DITO Telecommunity recently completed its final technical audit, which was confirmed by the National Telecommunications Commission on Sept. 17, 2024, with R.G. Manabat & Co. conducting the audit.
The telecommunications and internet provider reached 13 million subscribers early this year and is targeting to grow users to 16 million by the end of 2024, president Ernesto “Eric” Alberto said.
Alberto added DITO Telecommunity remains on track to turn profitable by 2028 thanks to growing revenues and stabilizing costs after completing most of its network rollout.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
