DITO CME Holdings Corp., the telecom enterprise of businessman Dennis Uy, on Thursday disclosed the sale of 610 million new shares to an undisclosed buyer.
This is the second day in a row that DITO announced the approval by its board of directors the sale of a significant amount of new shares out of its outstanding capital. On Wednesday, it said a block comprised of 1.59 billion shares will be issued at a price of P1 each.
Combined, the block accounts for around 13 percent of DITO’s outstanding 16.235 billion shares post-issuance.
The Philippine Stock Exchange has briefly suspended trading on the stock of DITO as it awaits a complete disclosure of the transactions.
The PSE said that under the stock exchange’s Additional Listing Rule, “there are requisite corporate approvals and other requirements including, but not limited to, the submission of a comprehensive corporate disclosure which the company must comply with.”
It is unclear if DITO has complied with the requirements.
On Thursday, DITO shares were up 3.9 percent to P2.42 at the close of trades.
