Dito Reveals Buyers Of ₱2.2-B New Shares

Dennis A. Uy’s telecommunications unit, Dito CME Holdings Corp., has revealed that the identities of the two buyers of its P2.2-billion shares are two firms that have recently been registered in Singapore.

The P2.2 billion worth of new unlisted shares is equivalent to a total of 13.55 percent of Dito’s expanded capital. I Photo: SM City North EDSA Facebook

In a disclosure to the Philippine Stock Exchange, the buyer of P610 million worth of its shares is the "unrelated third-party subscriber Xterra Ventures Pte. Ltd. at an issue price of P1.00 per share."

A separate disclosure identified the buyer for P1.59 billion Dito common shares as Summit Telco Corporation Pte. Ltd., an unrelated third-party subscriber also at an issue price of P1.00 per share.

The P2.2 billion worth of new unlisted shares is equivalent to a total of 13.55 percent of Dito’s expanded capital.

"The issue price was set at par value considering that the current book value per share of the Corporation is -P2.21 (as of the latest quarterly financials of 30 June 2023), and since the Corporation cannot issue new shares below the par value of P1.00," the firm explained.

It added that "the net proceeds of the transaction shall be fully invested by the Corporation in its operating subsidiary, DITO Telecommunity Corporation, in compliance with the capital contribution commitments of DITO."

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