DITO CME looking to raise USD158m through rights offer; telecoms unit hits 3.6m subs mark

2 Nov 2021

Publicly listed company DITO CME Holdings, which completed the takeover of mobile operator DITO Telecommunity in September this year, has announced plans to raise up to PHP8 billion (USD158 million) through the sale of new shares to existing stockholders to fund its network rollout and ‘scale up’ associated digital businesses owned by the group. If the holding company gets the green light from the Securities and Exchange Commission and the Philippine Stock Exchange, it reportedly aims to hold the stock rights offering sometime in December 2021. Up to 85% of the proceeds would be set aside to further DITO Telecommunity’s network rollout – including the recent commencement of new cell sites in Bangsamoro – which has to date reached population coverage of 56% while amassing 3.6 million subscriptions.

Philippines, DITO Telecommunity Corp