The Philippine Stock Exchange (PSE) approved the P4.2-billion share sale of DITO CME Holdings Corp. led by businessman Dennis Uy.
Based on the notice posted on the PSE website, DITO CME will sell 1.953 billon primary common shares for P1 to P2.15 apiece.
The final price will be announced on Sept. 23, 2024, while the offer period will be from Sept. 26 to Oct. 2, 2024. The shares will be listed on the PSE on Oct. 10, 2024.
The company said it would use the proceeds to fund the commercial rollout of its network expansion and for general corporate purposes.
The company tapped BDO Capital & Investment Corp. as the sole underwriter for the transaction.
DITO CME reported in July that it was planning to raise up to P40.26 billion until 2028 to address its negative equity position and support its expansion plans.
The company raised P5.5 billion as of end-2023 from private investments made by third parties Xterra Ventures Pte Ltd., Summit Telco Corp. Pte Ltd. and Summit Telco Holdings Corp.
DITO Telecommunity has over 11.3 million subscribers and about 7,450 telecommunications towers, covering over 80.65 percent of the Philippine’s population as of June 2024.
DITO CME widened its net loss to P28.19 billion in the first half of 2024 from P3.18-billion net loss in the same period last year.
Net loss in the second quarter ballooned to P18.1 billion from P2.47 billion a year earlier.
Consolidated net revenues, mainly generated by DITO Telecommunity, soared to P7.6 billion million in first half from P5.96 billion in 2023.
