Summit Telco investment in Dito seen completed this year

MANILA, Philippines — Singapore-based Summit Telco Corp. Pte. Ltd. is seen completing its investment in Dito CME Holdings Corp. within the year.

“That should be done this year, Dito president and COO Donald Patrick Lim told reporters in a chance interview.

Lim said the parties are just refining the paper work for the deal.

The Philippine Competition Commission cleared the transaction between Dito CME and Summit Telco in February this year.

The deal involves Summit Telco’s acquisition of up to nine billion primary common shares in Dito CME, which will make it the biggest shareholder in the company.

Lim said the parties are in communication to ensure the transition is done as best and as quickly as possible.

“Everything is above board,” he said.

Amid rising demand for internet service, he said Dito is upbeat on growth.

According to Lim, the company now has 15 million subscribers.

“We’ve penetrated 85 percent of the population. I think, like any telco, we push ahead,” Lim said.

While the Konektadong Pinoy Act, which lapsed into law, aims to make internet connectivity more accessible and affordable through the entry of more players, he said the service will not automatically become cheaper or faster without the necessary infrastructure.

Lim said there is a need to build more telco towers in the country.

“There are infra challenges also. So, hopefully, everyone can also invest,” he said.