DITO Telecommunity claimed it remained a viable and sustainable business despite its majority shareholder, DITO Communications Media and Entertainment (DCME) deferment of an P8-billion stock rights offering (SRO) to fund the telco's expansion.
DITO Telecommunity Chief Administrative Officer, Atty. Adel Tamano, issued the clarification last night, Jan.31.
"It will be inappropriate for DITO Telecommunity to comment directly on the deferment of the SRO simply because DITO Telecommunity is a separate and unique company from DITO CME," he stated.
However, "We are confident that DITO Telecommunity shareholders are in a position to ensure the operation of the company given the strong showing of DITO," Tamano underscored.
He cited the milestones the telco has achieved, from the network roll-out to the audit results, the number of commercial touchpoints and the number of subscribers since its commercial launch ten months ago.
As of the start of February, DITO has hit 50 percent of its 2022 goal of 12 Million total subscribers.
"Regarding the upcoming third Independent audit of DITO's government commitments in terms of speed and population coverage In July, our network rollout remains on track to reach the 70 percent coverage and 55 Mbps average download speed," Atty. Tamano maintained.
"Our assessment is that given these indicators, DITO Telecommunity remains a viable and sustainable business," he reiterated.
"We remain steadfast in our commitment to partner with the Philippine government and our private sector partners to provide world class, affordable, connectivity to Filipinos wherever they may be."