Shares were expected to be priced just as the Philippine Stock Exchange index entered bull market territory a few weeks ago. The main hurdle: foreign investors hemming and hawing over the deal value.
Eduardo Francisco, president of BDO Capital & Investment Corp., said it’s too soon to write off the deal for 2024.
He suggested that DITO CME, owner of major telco player DITO Telecommunity—which recently passed the government’s final network audit—could still complete the offer by November or December this year.
Uy and a key strategic investor have yet to settle on pricing, with the offer potentially worth P4.2 billion if shares are priced at P2.15 each.
At the low end, shares could go for P1, the same price used in private sales to the mysterious Summit Telco Group.
The next question is how this deal could potentially shift control of DITO during a time when Uy continues to divest portions of his empire to eager buyers. For now, that remains to be seen.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
