Dennis Uy consolidates shares in Dito Telecommunity | Bilyonaryo Business News

Dennis Uy consolidates shares in Dito Telecommunity

Business magnate Dennis Uy-led Chelsea Logistics and Infrastructure Holdings Corp. has unloaded its 25 percent stake in third telco Dito Telecommunity Corp.

In a regulatory filing, Chelsea said its board approved the sale of its 40.83 million common shares and 22,92 million preferred shares in Dito Telecommunity to another Uy company, Dito Holdings Corp.

“The transfer of the shares is only for the purpose of restructuring Chelsea’s shareholdings in Dito Telecommunity, and to streamline the shareholdings of the corporation and of Udenna Corp. in Dito Telecommunity through a holding company, Dito Holdings Corp,” Chelsea said.

Chelsea said it would continue to hold 25 percent of Dito Telecommunity albeit indirectly through Dito Holdings.

Chelsea said the payment terms would be disclosed once the deed of assignment is finalized.

Dito Holdings is an entity separate and distinct from DITO CME Holdings Corp. (formerly ISM Communications).

Chelsea, through its subsidiaries, provides marine shipping services and transports passengers, cargos, petroleum, oil, chemicals, and other bulk products.

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