MANILA, Philippines — Dito CME Holdings Corp. of Davao-based businessman Dennis Uy is postponing its planned follow-on offering of up to P4.2 billion this month.
Based on the notice submitted to the Philippine Stock Exchange, Dito CME said it is not pushing through with the planned sale of the offer shares later this month.
“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.
“This is in light of the several requests received from potential investors asking for additional time to further evaluate this investment opportunity,” it said.
Dito CME’s is set to offer 1.95 billion primary common shares at a price range of P1 to P2.15 apiece has been previously approved by the PSE and the Securities and Exchange Commission.
Assuming an offer price of P1 per share, the total gross proceeds to be raised from the sale is estimated to be at P1.95 billion and approximately P4.2 billion at an offer price of P2.15 per share.
The proceeds will be used for capital infusion into Dito Telecommunity Corp. to support its commercial rollout and network expansion as well as for general corporate requirements of Dito CME.
Dito CME is a publicly listed holding company handling the Udenna Group’s investments in the space of media, communications, entertainment and ICT.
It has diverse assets held through operating companies involved in telecommunications, digital platforms and applications, media and content, analytics and digital infrastructures.