DITO CME Holdings Corp. led by businessman Dennis Uy said Tuesday it deferred its planned P4.2-billion share sale after obtaining regulatory approvals.
“Please be informed that upon careful consideration, the company proposed to change the offer period for the follow-on offering, originally scheduled from Sept. 26 to Oct. 2, 2024, to a later date, subject to regulatory approvals,” DITO CME said in a letter to the Philippine Stock Exchange.
“This is in light of the several requests received from potential investors asking for additional time to further evaluate this investment opportunity,” it said.
The company was initially planning to offer 1.953 billon primary common shares for P1 to P2.15 apiece to fund the commercial rollout of its network expansion and for general corporate purposes.
DITO CME tapped BDO Capital & Investment Corp. as the sole underwriter for the transaction. The Securities and Exchange Commission and the PSE already approved the offering.
DITO CME reported in July that it was planning to raise up to P40.26 billion until 2028 to address its negative equity position and support its expansion.
The company raised P5.5 billion as of end-2023 from private investments made by third parties Xterra Ventures Pte Ltd., Summit Telco Corp. Pte Ltd. and Summit Telco Holdings Corp.
DITO Telecommunity had over 11.3 million subscribers and about 7,450 telecommunications towers, covering over 80.65 percent of the Philippine’s population as of June 2024.
Its net loss widened to P28.19 billion in the first half of 2024 from P3.18-billion net loss in the same period last year. Net loss in the second quarter alone ballooned to P18.1 billion from P2.47 billion a year earlier.
Consolidated net revenues, mainly generated by DITO Telecommunity, soared to P7.6 billion in first half from P5.96 billion in 2023.
