Davao tycoon Dennis A. Uy’s telecommunications unit Dito CME Holdings Corporation has sold P2.2 billion worth of its new unlisted shares equivalent to 13.55 percent of its expanded capital, but did not reveal the identity of the buyers.

In two disclosures to the Philippine Stock Exchange, Dito said it has sold a total of 2.2 billion new common shares in two transactions consisting of 1.59 billion shares and 610 million shares. 

The firm said it signed two subscription agreements for the sale of the common shares to an unrelated third party subscriber at an issue price of P1.00 per share. 

It did not say also if it is the same buyer or two separate buyers. The private placements at their par value of P1.00 per share is a steep discount to the market price of Dito’s shares at the PSE.

As of this writing, Dito shares were trading at P2.35 per share so the recently sold shares would have a market value of about P5.17 billion—much higher than the private placement price of P2.2 billion.

The two successive transaction brought the firm’s outstanding capital to 16.235 billion shares from the 14.035 billion issued shares prior to the private placements.

In Aug. 26, 2021, Dito raised P280 million from the sale of shares meant to nudge up its public float to just above the bourse’s minimum requirement of 20 percent.

The firm said it has sold 35 million new common shares for P280 million or P8.00 per share to Loden Infra Technologies Ltd. 

Dito is having the 35 million shares listed at the PSE after noting that, as of Aug. 17, 2023, it has complied with all the applicable requirements for the listing of these shares.