DITO CME Holdings Corp. said its board of directors had entered into a subscription agreement with Summit Telco Holdings Corp. for P3.3 billion.

In a stock exchange disclosure, the company said the agreement was implemented on Oct. 20 where DITO CME will issue 3.3 billion common shares priced at P1 each to Summit Telco Holdings.

Summit Telco Holdings is a wholly owned unit of Summit Telco Corp. Pte. Ltd., which is an existing shareholder of DITO CME.

Separately, DITO CME said its board had given its approval to issue 3.3 billion common shares out of its unissued authorized capital stock.

With this move, the company said the total number of its issued and outstanding shares will be about 19.54 billion from around 16.24 billion shares.

In August, DITO CME announced that two unrelated third-party companies had agreed to subscribe to its shares equivalent to a 13.55% stake. The subscription was via a private placement and came from its unissued authorized capital stock.

The company had also approved the issuance of 2.2 billion shares to Summit Telco Corp. and Xterra Ventures Pte. Ltd.

Earlier this year, DITO CME said that it had completed the applicable requirements for the listing of 35 million shares for a total price consideration of P280 million from Loden Infra Technologies Ltd. It added that the number of DITO CME’s listed common shares is to be adjusted on the listing date or on Aug. 22, 2023.

At the local bourse on Monday, shares in the company fell by 44 centavos or 12.87% to end at P2.98 each. — A.E.O. Jose

Neil Banzuelo