The Philippine Stock Exchange approved the P8-billion stock rights offering of DITO CME Holdings Corp., the parent firm of DITO Telecommunity.
DITO CME, based on the offer terms approved by the PSE, will sell up to 1.639 billion common shares at an price of P4.88 to P6.88 apiece. The share price of DITO CME on Friday closed at P6.23.
Udenna Corp., the majority shareholder of DITO CME, will not participate in the first and second rounds of the rights offering to provide maximum availability of rights to minority shareholders.
The final price for rights offering will be set on Dec. 17, while the offering period will scheduled be from Dec. 27 to Jan. 18.
The offered shares will be listed on the stock exchange on Jan. 26, 2022. The company will use the net proceeds from the offering amounting to P6.45 billion to infuse additional capital into Dito Telecommunity top fund capital expenditures to support its continued commercial rollout.
Meanwhile, coffee chain Figaro Coffee Group Inc. moved its planned P1.77-billion initial public offering to January next year.
Figaro’s underwriters said in a letter to the stock exchange they decided to delay the initial public offering, “in deference to the upcoming holiday season, specifically to ensure the timely completion of the documentary requirements of the investing public for the offer,”
Based on the revised timetable, the pricing date of the Figaro’s IPO was changed from Dec. 10 to Dec. 22. The offer Period will be from Jan. 10 to 14, 2022 instead of the original schedule of Dec. 16 to 22, 2021
Listing will be on Jan. 24, 2022, instead of the originally planned Dec. 31, 2021.
Several equity deals are also happening in December, including the IPO of Solar Philippines Nueva Ecija Corp., the preferred shares offering of EEI Corp. and the stock rights offering of Philippine Estates Corp.