DITO CME says no deal yet on 'majority takeover'
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DITO CME says no deal yet on 'majority takeover'
ABS-CBN News
Published Jul 09, 2024 02:46 PM PHT
MANILA -- DITO CME Holdings on Monday said that there are no agreements yet on the alleged majority takeover of the company by a group of foreign investors.
MANILA -- DITO CME Holdings on Monday said that there are no agreements yet on the alleged majority takeover of the company by a group of foreign investors.
This was after a news report said foreign investors may take over the controlling stake of Davao-based businessman Dennis Uy in DITO CME, which operates DITO Telecommunity.
This was after a news report said foreign investors may take over the controlling stake of Davao-based businessman Dennis Uy in DITO CME, which operates DITO Telecommunity.
Summit Telco Holdings Corp., a newly incorporated holding company, subscribed to P3.3 billion worth of common shares of DITO CME in October.
Summit Telco Holdings Corp., a newly incorporated holding company, subscribed to P3.3 billion worth of common shares of DITO CME in October.
It is owned by Summit Telco Corp. Pte. Ltd., a shareholder of DITO CME.
It is owned by Summit Telco Corp. Pte. Ltd., a shareholder of DITO CME.
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In a disclosure to the stock exchange, DITO CME said it wishes "to clarify that there have been no definitive agreements that have been executed with respect to the majority takeover of DITO CME."
In a disclosure to the stock exchange, DITO CME said it wishes "to clarify that there have been no definitive agreements that have been executed with respect to the majority takeover of DITO CME."
The company said it will make the necessary disclosures and seek the appropriate regulatory approvals if such a transaction is executed.
The company said it will make the necessary disclosures and seek the appropriate regulatory approvals if such a transaction is executed.
In July 2023, DITO said it hopes to break even by 2025.
In July 2023, DITO said it hopes to break even by 2025.
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