DITO CME Holdings Corp. has successfully raised P2.05 billion in gross proceeds through a follow-on offer, signaling strong investor confidence in the company’s growth prospects. The shares sale was fully subscribed, driven by robust demand from institutional investors and ongoing support from DITO’s retail investor base.
Davao-based businessman Dennis A. Uy, chairman of DITO, recognized the public’s steadfast support for the telecommunications company, which contributed to the success of the offering. “We would like to thank the investing public for their continued confidence, which has enabled the success of this follow-on offer,” Uy said.
The majority of the proceeds will be allocated to the commercial roll-out of DITO’s telecom arm, DITO Telecommunity Corp. These funds are essential to maintaining DITO Telecom’s competitive edge in the highly contested Philippine telecom market. The company is focused on strengthening its network infrastructure to ensure its position as a strong player in the industry.
DITO Telecom said it is poised to increase its revenues by approximately 45 percent year-on-year by the end of this year despite challenges. The recent entry of a new investor and the funds raised through the latest share sale are expected to bolster DITO’s financial position, putting it on track for profitability by 2027.
President and chief operating officer Donald Patrick L. Lim praised DITO Telecom’s achievements, highlighting the company’s rapid growth during a global pandemic. “In a short span of time, DITO Telecom has successfully built a world-class 4G-5G network from the ground up. Nearly 14 million Filipinos now enjoy fast and reliable telecom services,” Lim said.
