DITO CME eyes fund-raising, cost-cutting in 2023

Warren De Guzman, ABS-CBN News

<p>MANILA — Dennis Uy&#x27;s DITO CME Holdings, parent of DITO Telecommunity, said it is looking at fund-raising activities, capital infusions as well as various cost-cutting measures this year as its losses piled up to P11.4 billion in 2022.</p><p>In its audited financial statement, DITO outlined its capital deficiency, which hit P27.9 billion at the end of last year.</p><p>&quot;The Group has plans to do various fund-raising activities within 2023, which include a follow-on offering at the Parent Company level, wherein proceeds will be used to fund the Group’s telecommunications and digital businesses funding requirements,&quot; the company said in a disclosure last Monday.</p><p>In addition, Udenna and the minority shareholders of DITO Tel are also committed to provide additional capital,&quot; it added.</p><p>In January 2022 DITO CME attempted to raise funds through the sale of 1.64 billion common shares priced at P4.88 each. The share sale, however, was deferred due to &quot;less than ideal market conditions and other perceived risks.&quot;</p><p>The company said it secured commitments from creditors for a loan facility of up to $3.9 billion which is expected to be closed in 2023, subject to conditions and regulatory approvals. In February 2023, it also entered into a shareholder loan agreement worth CNY 650.0 million (P5.2 billion), which can be drawn any time to address operating expenses and maturing obligations, it added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/16/22/dito-cme-posts-p1543-b-loss-in-first-half-of-2022">Dennis Uy&#x27;s DITO CME losses widen to P15.43 billion in first half of 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/02/03/22/dito-says-spending-p50-b-despite-parents-canceled-sro">DITO says spending over P50B in 2022; downplays DITO CME&#x27;s scuttled share sale</a></li>	<li><a href="https://news.abs-cbn.com/business/01/31/22/dito-cme-trading-halted-after-share-sale-deferment">DITO CME trading halted after stock rights offer cancellation</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1911660" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

DITO CME Holdings, parent of DITO Telecommunity, said it is looking at fund-raising activities and cost-cutting measures this year as its losses hit P11.4 billion in 2022.

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DITO CME eyes fund-raising, cost-cutting in 2023

DITO CME eyes fund-raising, cost-cutting in 2023

Warren De Guzman,

ABS-CBN News

Published Apr 19, 2023 03:04 PM PHT

Read More:

DITO

DITO CME

loans

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fund-raising

capital

capital infusion

DITO Telecommunity

telco

Dennis Uy

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