DITO CME Holdings Corp., the owner of DITO Telecommunity, on Friday said it is selling new shares to raise more than P4.0 billion from investors.
DITO CME’s follow-on share sale involves offering up to 1.95 billion shares at a maximum price of P2.15 per share.
This equal 10 percent of DITO CME’s outstanding capital stock.
“The purpose of the follow-on offering is to raise funds the will be infused as additional capital into its operating subsidiary, DITO Telecommunity Corp., in order to support its commercial roll-out of its network expansion and for general corporate requirements and for regulatory compliance with the public offering requirements,” the company said.
The company said the final pricing of the shares will be announced on 14 August following the submission of documents to the Securities and Exchange Commission (SEC) and Philippine Stock Exchange (PSE) from May 31 to June 7.
DITO Telecommunity earlier projected revenue of up to P20 billion this year, up from P11 billion in 2023.
The company also projects achieving positive EBITDA (earnings before interest, taxes, depreciation, and amortization) by 2025.
DITO targets attracting 15 to 16 million subscribers this year from current subscriber base of 1only 0.4 million.
Its home broadband service is targeting from 300,000 to 400,000 subscribers this year versus only 100,000 subscribers at present.
DITO also expects to pass the final mandatory performance audit by the National Telecommunications Commission in July this year.
The telco earlier said it was on track to hit a population cover of 84 percent by July this year from present coverage of 82 percent. DITO passed its fourth mandatory performance audit with a population cover of 80.65 percent.
As to the minimum average broadband speed (MABS), DITO was clocked at 74.97 megabits per second under 4G broadcast but substantially higher at 639.32 Mbps under 5G.
Its combined MABS clocked 357.14 Mbps.
