The Securities and Exchange Commission (SEC) on Thursday approved the P4.2 billion follow-on offering of the country’s third telecom firm DITO CME Holdings Corp.
The approval covers 1.95 billion common shares to be sold from a low of P1 up to a high P2.15 per share, subject to compliance with certain requirements.
At the maximum price, DITO projects raising net proceeds of up to P4.12 billion from the offer.
The listed telecommunication service provider will use the proceeds to fund its network expansion.
The public sale will run from 5 to 12 September, in time for listing on the main board of the Philippine Stock Exchange on 20 September, according to the timeline DITO submitted.
The telecommunications firm has tapped BDO Capital and Investment Corp. as sole underwriter for the transaction.
