DITO CME Holdings Corp., the telecommunications branch of Davao-based entrepreneur Dennis Uy, on Monday announced deferring its capital-raising initiative in response to requests from potential investors. The company also acknowledged waiting for better market conditions.
The company said prospective investors need more time to assess the investment opportunity and for market conditions to improve. DITO CME is seeking regulatory approval to adjust the offering period and will announce the new dates once confirmed.
DITO CME also said the follow-on offering will still cover 1.95 billion common shares, refuting earlier reports suggesting it will shift to selling preferred shares. It clarified that previous articles ran by news publications incorrectly indicated that DITO CME would pivot to preferred shares after delaying its common share offering, originally scheduled from 26 September 26 to 2 October.
The company plans to raise up to P4.2 billion through the follow-on offer to fund its commercial rollout, network expansion, and general corporate requirements.
