MANILA, Philippines — Dito CME Holdings Corp. of Davao-based businessman Dennis Uy is raising as much P2.05 billion for its planned follow-on offering after finalizing its offer price.
Dito CME is set to offer up to 1.95 billion common shares at P1.05 apiece, the company informed the Philippine Stock Exchange (PSE) yesterday.
The final offer price is at the lower end of the earlier price range of P1 to P2.15 per share.
Dito CME previously postponed the planned follow-on offering, which was originally scheduled from Sept. 26 to Oct. 2, “in light of the several requests received from potential investors asking for additional time to further evaluate this investment opportunity.”
Last week, Dito CME advised the PSE that it is proceeding with its planned fundraising activity this month.
Based on its latest timetable, offer period is scheduled from Nov. 20 to 26, 2024, with a tentative listing date on Dec. 6.
Dito CME was previously targeting to use the proceeds from the offer for capital infusion into DITO Telecommunity Corp. to support its commercial roll-out and network expansion as well as for general corporate requirements.
Dito CME is a publicly listed holding company handling the Udenna Group’s investments in the space of media, communications, entertainment and ICT.
It has diverse assets held through operating companies involved in telecommunications, digital platforms and applications, media and content, analytics and digital infrastructures.
Earlier this month, the company said that it has signed a subscription framework agreement for new investments to be infused by Summit Telco Corp. Pte. Ltd.
Summit Telco will subscribe to up to nine billion primary common shares in Dito CME, subject to closing conditions and regulatory approvals.
In the process, Uy’s Udenna Corp., which holds a 54.77 percent stake in Dito CME, may have to relinquish majority control of the company to Summit Telco, which owns 25.03 percent of the listed holding firm.