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DITO Telecommunity renews $1.175 billion loan with Chinese banks

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ABS-CBN News

<p>MANILA — DITO Telecommunity has renewed its $1.175. billion loan provided by the Bank of China and the China Minsheng Bangking Corp, its parent company said on Friday.</p><p>&quot;The bridge facility is to be repaid and absorbed via a $3.9 billion project finance long-term facility currently being finalized by DITO Tel&#x27;s senior management, with target closing this year,&quot; DITO CME Holding Corp said in a disclosure to the stock exchange.</p><p>DITO&#x27;s network rollout is capital intensive due to the infrastructure construction, among others. </p><p>In January 2022, DITO CME <a href="https://news.abs-cbn.com/business/01/31/22/dito-cme-trading-halted-after-share-sale-deferment">deferred</a> its planned stock rights offer &quot;due to less than ideal market conditions.&quot; </p><p>For 2023, DITO earlier said it would seek capital infusions as well as implement cost-cutting measures as losses piled up in the previous years.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/19/23/dito-cme-eyes-fund-raising-cost-cutting-in-2023">DITO CME eyes fund-raising, cost-cutting in 2023</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></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=1660549" 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 Telecommunity renewed its $1.175. billion loan provided by the Bank of China and the China Minsheng Bangking Corp, its parent company said. 