A subsidiary of DITO CME Holdings Corp. has issued new shares to Summit Global Ltd. as part of efforts to bankroll the equity requirements of telco firm Dito Telecommunity Corp.
In a stock exchange disclosure on Thursday, DITO CME said its subsidiary DITO Holdings Corp. issued around 2.24 billion shares to Summit Global, an entity organized and existing under the laws of the Cayman Islands, at P1.00 per share.
“The issuance of new shares at DITO Holdings amounts to approximately 18.5% of its issued and outstanding capital stock,” DITO CME said.
Following the issuance, DITO CME will own 72.91% of DITO Holdings, down from the previous 89.46% stake.
“The proceeds from such issuance of shares were used to fund the additional equity requirements of its operating subsidiary, DITO Telecommunity, through the payment of subscription payables of DITO Holdings to DITO Telecommunity,” DITO CME said.
DITO Telecommunity is a Dennis A. Uy-led telecommunication firm.
On Thursday, shares of DITO at the local market dropped one centavo or 0.45% to close at 2.19 apiece. — Revin Mikhael D. Ochave