Dito CME to proceed with follow-on offer

MANILA, Philippines —  Dito CME Holdings Corp. of Davao-based businessman Dennis Uy is proceeding with its planned follow-on offering of up to P4.2 billion this month.

The Philippine Stock Exchange (PSE) said it has approved the application of Dito CME for the follow-on offering of 1.95 billion primary common shares at a price range of P1 to P2.15 apiece.

Dito CME previously postponed the planned follow-on offering, which was originally scheduled from Sept. 26 to Oct. 2.

“This is in light of the several requests received from potential investors asking for additional time to further evaluate this investment opportunity,” the company earlier said.

The PSE said it has been notified by Dito CME on the updated timeline for the offer.

Based on its new timetable, the final price will be announced today.

The offer period is scheduled from Nov. 20 to Nov. 26, with a tentative listing date on Dec. 6.

Dito CME was previously targeting to use the proceeds from the offer for capital infusion into Dito Telecommunity Corp. to support its commercial roll-out and network expansion as well as for general corporate requirements.

Dito CME is a publicly listed holding company handling the Udenna Group’s investments in the space of media, communications, entertainment and ICT.