DITO CME Holdings Inc. on Thursday called “inaccurate” a news report claiming its major shareholder, businessman Dennis Uy, has started to exit the listed telecommunications company in recent transactions.
“First, it is inaccurate that (Uy’s) Udenna Corp.’s beneficial ownership in DITO CME Holdings Corp. has already been reduced from 59 percent to 9.8 percent (or even 7 percent),” the company told the Philippine Stock Exchange, referring to a report in an online news site.
DITO said its public ownership report showed that at the end of September—weeks after two private placements covering the company’s shares—Udenna still beneficially owns 11.2 billion shares of the listed company, equivalent to a 69.68 percent ownership.
On the recent shares purchase of Summit Telco Corp. and Xterra Ventures Pte. Ltd., DITO said these foreign firms can hardly be considered as “the largest shareholders” since their acquisitions only represent stakes of 9.79 percent and 3.76 percent, respectively.
The company denied the report’s speculation that “Dennis Uy appears to be on the exit path” given Udenna’s controlling stake.
DITO added that it “also wishes to clarify that there are no current plans for Dennis Uy and/or Udenna to divest its remaining stake in DITO CME.”
It also clarified that Dennison Holdings Corp. is not an affiliated company of Udenna and has not been as such since August 2021.
