DITO CME Holdings Corp., the owner of DITO Telecommunity, tapped BDO Capital & Investments Corp. as the sole underwriter for its P4.2-billion share sale.
Based on the registration statement filed with the Securities and Exchange Commission, BDO will be the lone issue manager, underwriter and book runner for the deal.
DITO CME plans to sell 1.953 billion shares at an offer price of P1 to P2.15 apiece. It will use the proceeds to support DITO Telecommunity’s commercial rollout of its network expansion and for general corporate requirements.
The telecommunication firm plans to conduct the share sale in August.
It said up to 70 percent of the offer shares, or about 1.367 billion shares, would be sold to qualified institutional buyers, while the remaining 30 percent of 586 million shares would be offered through the trading participants of the Philippine Stock Exchange and local small investors.
DITO Telecommunity had more than 12 million mobile subscribers as of end-March 2024. It aims to provide unserved and underserved Filipinos with data-packed plans at most affordable prices.
DITO is targeting 15 million to 16 million mobile subscribers and 300,000 to 400,000 home broadband subscribers this year.
The company continues to invest in expanding and enhancing is next-generation technology mobile network. As of end March 2024, its coverage included 853 cities and municipalities nationwide. It also has 7,000 cell sites across the country.
The company earlier said it was on track to hitting a national population coverage of 84 percent by July 2024.
DITO Telecommunity expects revenue to reach P20 billion this year, up from P11 billion in 2023. It also expects to achieve positive earnings before interest, taxes, depreciation and amortization (EBITDA) by 2025.
