DITO CME Holdings Inc., the telecommunications holding company of Davao-based businessman Dennis Uy, will conduct a stock rights offering to comply with the minimum public ownership requirement for listed corporations.
In a regulatory filing, DITO CME said its board approved a plan to issue new common shares to existing shareholders subject to the approval of the increase in its authorized capital by the Securities and Exchange Commission and the listing requirements of the Philippine Stock Exchange.
The terms of the offering have yet to be determined by management.
The board likewise approved the revision of the 2020 audited financial report to reflect a statement that Dennison Holdings Corp. held control over Dito CME in 2020.
DITO CME’s public float fell below the required minimum percentage after the Securities and Exchange Commission approved the company’s share swap with Udenna for DITO Telecomunity assets. The deal resulted in Uy’s holding company, Udenna Corp. owning 80 of DITO CME.
The deal also gave DITO CME an indirect 53.4 percent in DITO Telecommunity through its 100 percent stake in Udenna Communications Media and Entertainment Holdings Corp.