Well, this time it’s different—fingers crossed. So different, in fact, that insiders are confident the upcoming share offer will be a triumph.
For one, DITO CME’s telco venture is showing encouraging signs in certain financial and operational metrics.
In terms of EBITDA, which excludes debt payments, the firm turned positive in the first semester, putting the telco ahead of its 2025 target, according to a source at the recent investors’ briefing.
Mobile subscribers also doubled to over 14 million users from last year, helping DITO increase revenues and market share in the highly competitive industry.
Foreign support guaranteed
In the event of weak demand from investors, an insider said a major foreign backer plans to backstop the share sale in August, which will ensure its success.
That entity could be the Singapore-based Summit Telco Holdings and affiliates, which own a combined 25 percent stake in DITO CME.
This group is eager to gain control of the holding company, which would turn Uy into a significant minority stockholder.
In a regulatory filing, DITO CME made it clear it has not finalized an agreement to sell.
A proposal also has not been discussed at the board level, suggesting that major changes may take several more months, potentially extending into 2025.
More deals coming
What’s next? It’s safe to say the future holds intriguing possibilities.
Insider Info learned this same foreign group is very interested in Uy’s other ventures and is weighing potential deals involving his energy and gaming assets, following the recent failed talks between PH Resorts Group Holdings and Okada.
That would indeed be a win for Uy and—most of all—his investors if those transactions succeed.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
