November 4, 2024 | 7:12pm
MANILA, Philippines — Davao-based tycoon Dennis Uy and his Udenna Corp. will soon shfift control of telco DITO CME Holdings to an investment from a Singapore-based company.
In a report filed to the Securities and Exchange Commission on Monday, November 4, DITO CME said its board has approved a framework agreement allowing Singapore-based Summit Telco Corp. to subscribe to up to 9 billion primary common shares.
DITO CME currently has 19.53 billion shares of common stocks.
Should the deal push through, 9 billion common shares will give Summit a larger stake at DITO CME, edging out Udenna’s stake.
Summit Telco and its subsidiary Summit Telco Holdings already own a combined 23.03% of DITO CME.
This move comes as DITO CME attempts to nurse its bleeding. In the first quarter of 2024, DITO CME’s net loss was at P4.11 billion, further rising in the second quarter with P18.1 billion.
As of DITO CME’s March 2024 report, Uy’s Udenna Group had 54.77% of the shares, while Summit Telco Holdings Corp. and Summit Telco Corp. had 23.03% collectively.
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