DITO CME Holdings Corp., the telecom venture of businessman Dennis Uy, said Friday that its subsidiary DITO Telecommunity Corp has renewed its $1.175 billion bridge facility provided by Bank of China and China Minsheng Banking Corp. Ltd.
This bridge facility is to be repaid and absorbed via a $3.9 billion project finance long-term facility currently being finalized by DITO Tel’s senior management, with target closing within the year, said DITO CME.
DITO Telecommunity is the newest major telecommunications provider in the Philippines, offering 5G data connections. It is building around 6,500 telecom towers nationwide to service a target 15 million subscriber.
The company, however, cut its capital expenditure to P22 billion this year from P50 billion last year.
