Dennis A. Uy's wife, director make way for new controlling owner of DITO CME

DITO CME Holdings Corp. announced the replacement of a board director and its treasurer, Cherylyn C. Uy, the spouse of founder and Davao tycoon Dennis A. Uy, to make room for representatives of its new controlling shareholder, Singaporean Summit Telco Corp. Pte. Ltd.

In a disclosure to the Philippine Stock Exchange (PSE), DITO CME said Ms. Uy and board director Raouf A. Kizilbash resigned their posts for personal reasons. However, Ms. Uy remains a director of the company.

The two were immediately replaced by Chun Lam Chan as director and Kim Jay T. Villamar as treasurer, starting April 3, 2025, until the end of the unexpired portion of Uy and Kizilbash’s terms.

Last month, the Philippine Competition Commission (PCC) cleared the acquisition of nine billion DITO CME shares by Summit Telco. DITO CME said it had received notification from the regulator via an email but had yet to receive the official certification.

Uy’s Udenna Corp. owns 49.79 percent of DITO CME, while Summit Telco Holdings Corp. has a 15.36-percent stake. Summit Telco Corp. Pte. Ltd. owns 7.4 percent, with the remaining shares held by the investing public.

DITO CME had shelved its planned ₱4.2-billion follow-on offering (FOO) last September 2024, as negotiated with potential investors.

In a letter to the PSE, the firm said, “Upon careful consideration, the company proposed to change the offer period for the FOO… to a later date, subject to regulatory approvals.”

“This is in light of the several requests received from potential investors asking for additional time to further evaluate this investment opportunity,” it explained.

DITO CME planned to offer a total of 1.95 billion common shares, priced at ₱1 to ₱2.15 per share. At the maximum price, DITO CME expects to net up to ₱4.12 billion from the offer.

The listed telco provider plans to use the proceeds to fund the commercial rollout of its network expansion and for general corporate purposes.