DITO Raises ₱2.2-Billion From Cayman Islands Firm

Davao tycoon Dennis A. Uy’s DITO CME Holdings Corp has raised P2.24 billion through the issuance of shares of a subsidiary to a firm established in the Cayman Islands.

The issuance of new shares at DITO Holdings amounts to approximately 18.5 percent of its issued and outstanding capital stock. I Photo: DITO Telecommunity Facebook

In a disclosure to the Philippine Stock Exchange (PSE), DITO CME said its subsidiary DITO Holdings Corp. has issued 2.24 billion shares to Summit Global Ltd., an entity organized and existing under the laws of the Cayman Islands, at a consideration of P1.00 per share.

DITO Holdings is a corporation that is 89.46 percent owned by DITO CME through its subsidiary Udenna Communication Media and Entertainment Holdings Corporation.

The issuance of new shares at DITO Holdings amounts to approximately 18.5 percent of its issued and outstanding capital stock. After such issuance, DITO CME said it shall own 72.91% of DITO Holdings.

It added: “With regard to the effect of the issuance of shares on the business and financials of the Company, the proceeds from such issuance of shares were used to fund the additional equity requirements of its operating subsidiary, Dito Telecommunity Corp., through the payment of subscription payables of DITO Holdings to Dito Telecommunity Corp.”

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem