DITO CME extends stock rights offer citing 'logistical difficulties'

ABS-CBN News

Posted at Jan 18 2022 12:55 PM

MANILA - DITO CME Holding Corp said Tuesday its move to extend its stock rights offer through Jan. 25 was approved by regulators.

The rights offer period was supposed to end on Jan. 18.

The holding firm for DITO Telecommunity and Dennis Uy’s media and IT firms said the extension was given amid “numerous requests from shareholders who were unable to subscribe to the offering nor receive their SRO kits on time due to logistical difficulties brought about by the surge of COVID-19.”

DITO CME said it is offering a total of 1.64 billion common shares, priced at P4.88 per share, which represents an 18.4 percent discount from its closing price as of Jan. 13.

“We're raising P8 billion via the SRO, and proceeds will be used to fund our telco services all over the country in fulfillment of the technical audit requirements, and to fulfill our own mission to be a compelling and a competitive alternative telco in service of the Filipino public,” said DCME president Eric Alberto.

The company earlier said that DITO telco plans to offer broadband services this year on top of its existing telco offerings. 

The telco meanwhile reported that it met its target 5 million subscribers in 2021 and posted P2 billion in revenues. 

DITO CME owns 54 percent of DITO Telecommunity and operates three digital companies in media, communications, entertainment, and information technology.

 

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