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Manila Bulletin devider Business devider The Stock Market devider Uy's stake in DITO Tel continues to shrink

Uy's stake in DITO Tel continues to shrink

Published Oct 24, 2023 05:27 am

DITO Telecommunity Corporation Chairman Dennis Uy’s stake in the corporation continues to shrink with the latest sale of 16.89 percent or 3.3 billion shares of DITO CME Holdings Corporation to raise P3.3 billion.

In its disclosures to the Philippine Stock Exchange (PSE), DITO CME Board of Directors sealed a subscription agreement to issue 3.3 billion of DITO's voting common shares worth P3.3 billion at P1 per share to Summit Telco Holdings Corporation, which is owned by one of DITO CME's shareholders Summit Telco Corporation Pte. Ltd.

According to Philstocks Financial Research Manager Japhet Tantiangco, Uy held 32.2 percent of DITO CME's shares before the entry of Summit Telco, based on the corporation's most recent Public Ownership Report.

"After the 3.3 billion shares issuance to Summit Telco, Dennis Uy's holdings dropped to 26.8%," said Tantiangco.

The shares were taken out of the corporation's unissued authorized capital stock.

Due to the issuance, "the total number of issued and outstanding shares of the Corporation increased from 16,235,000,000 to 19,535,000,000," according to the disclosure.

Last August 2023, DITO CME said Summit Telco Corporation Pte. Ltd. bought P1.59 billion worth of its common shares at P1 per share. P610 million worth of its shares issued at P1 per share was also bought by a separate company Xterra Ventures Pte. Ltd.

The shares bought for a total of P2.2 billion equaled 13.55 percent of DITO's expanded capital. The corporation said the shares will be used to support the rollout of telecommunication business operations.

Uy was formerly the chief executive officer (CEO) of DITO Tel. He was replaced by Ernesto Alberto, who previously served as DITO CME's president and member of the board of directors.

 

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