DITO CME Holdings Corp., the third player in the local telecommunications industry, said Monday it has sought clearance from regulators to raise P4.2 billion from a follow-on offering of common shares.
DITO, the listed telecom business of Davao-based businessman Dennis Uy, told the Philippine Stock Exchange has registered with the Securities and Exchange Commission an application to issue 1.95 billion common shares via a follow-on offering.
The shares will be offered at a price of P2.15, a slight premium from the current trading price of DITO shares of P2.10. Over the last 52 weeks, DITO shares have traded within the P1.96 to P3.85 price range. The share offer is subject to SEC clearance and their listing requires PSE approval.It isn’t immediately clear where DITO will use the proceeds of the follow-on offer.
