DITO CME denies foreign entity will backstop share sale | ABS-CBN
Featured:
|
ADVERTISEMENT
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
DITO CME denies foreign entity will backstop share sale
DITO CME denies foreign entity will backstop share sale
ABS-CBN News
Published Jul 11, 2024 12:29 PM PHT
A DITO Telecommunity booth sells sim cards in Quezon City on May 31, 2021. Mark Demayo, ABS-CBN News
A DITO Telecommunity booth sells sim cards in Quezon City on May 31, 2021. Mark Demayo, ABS-CBN NewsMANILA -- DITO CME Holdings on Thursday that there are no definitive agreements regarding a backstop for their follow-on offering.
MANILA -- DITO CME Holdings on Thursday that there are no definitive agreements regarding a backstop for their follow-on offering.
The Dennis Uy-led company made the statement after the news website Insider.PH reported that "a major foreign backer" plans to backstop the company's share sale in August to ensure its success.
The Dennis Uy-led company made the statement after the news website Insider.PH reported that "a major foreign backer" plans to backstop the company's share sale in August to ensure its success.
DITO CME operates DITO Telecommunity, the Philippines' third major telco.
DITO CME operates DITO Telecommunity, the Philippines' third major telco.
Insider reported that the backer may be Singapore-based Summit Telco Holdings and its affiliates.
Insider reported that the backer may be Singapore-based Summit Telco Holdings and its affiliates.
ADVERTISEMENT
Another news website had earlier reported that foreign investors connected with Summit Telco Holdings were eyeing a controlling stake in DITO CME--which the firm denied.
Another news website had earlier reported that foreign investors connected with Summit Telco Holdings were eyeing a controlling stake in DITO CME--which the firm denied.
"There have been no definitive agreements with respect to the majority takeover of DITO CME. Neither are there definitive agreements with respect to a backstop for the Company’s upcoming follow-on offering," the company told the Philippine Stock Exchange.
"There have been no definitive agreements with respect to the majority takeover of DITO CME. Neither are there definitive agreements with respect to a backstop for the Company’s upcoming follow-on offering," the company told the Philippine Stock Exchange.
Investors connected with Summit Telco were supposedly also very interested in deals involving Uy's energy and gaming assets.
Investors connected with Summit Telco were supposedly also very interested in deals involving Uy's energy and gaming assets.
But Philippine Resorts Group, the leisure and gaming arm of Uy's Udenna Corp., told the state bourse that there are no executed agreements between the firm or its subsidiaries involving the Emerald Bay Project.
But Philippine Resorts Group, the leisure and gaming arm of Uy's Udenna Corp., told the state bourse that there are no executed agreements between the firm or its subsidiaries involving the Emerald Bay Project.
The operator of Okada Manila recently terminated its planned acquisition of Uy's unfinished Emerald Bay Resort.
The operator of Okada Manila recently terminated its planned acquisition of Uy's unfinished Emerald Bay Resort.
In July 2023, DITO Telecommunity said it hopes to break even by 2025.
In July 2023, DITO Telecommunity said it hopes to break even by 2025.
RELATED STORY:
RELATED STORY:
ADVERTISEMENT
ADVERTISEMENT
