The Philippine Stock Exchange said over the weekend it will decide on whether DITO CME Holdings Corp. can unilaterally cancel its P8-billion stock rights offering.
DITO CME informed the PSE that its management decided to defer the rights offering because of “current market conditions.” DITO also informed the PSE that it would refund any and all subscription payments made by shareholder or qualified institutional buyer during the offering period.
“This should not be construed as an approval by the exchange of the deferment of the offering,” the PSE said.
“Furthermore, this is without prejudice to any regulatory action that the exchange may purse in order to ensure full compliance with the applicable rules and for the protection of the investing public consistent with the mandate of the exchange, as self regulatory organization, to maintain a fair and orderly market,” it said.
PSE president and chief executive Ramon Monzon said the exchange was determining if DITO CME could unilaterally cancel the rights offering.