DITO looking to raise up to USD224m via sale of shares

The Philippine Daily Inquirer reports that DITO Telecommunity parent DITO CME Holdings, which owns an indirect majority stake in the country’s new third telco, is planning to raise PHP8.0 billion-PHP11.3 billion (USD159 million-USD224 million) through the sale of new shares to fund its ongoing challenge to incumbents PLDT Inc. and Globe Telecom. DITO CME Holdings will reportedly offer up to 1.64 billion shares to existing stockholders priced at between PHP4.88 and PHP6.88 per share. The Philippine Stock Exchange approved the plan last Friday (10 December) which will run from 27 December 2021 to 18 January 2022. The shares are targeted for listing on 26 January 2022, with China Bank Capital slated to act as sole underwriter for the deal.