BVI firm buys P280M Dito stocks to help Dennis Uy’s firm comply with 20% public float
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BVI firm buys P280M Dito stocks to help Dennis Uy’s firm comply with 20% public float

A British Virgin Islands (BVI) company has invested P280 million into Dito CME (DITO) of Davao-based businessman Dennis Uy.

This was revealed by DITO after the Philippine Stock Exchange (PSE) sought more details on the unidentified investor which took part in its shares swap with Uy’s Udenna Corp., the majority owner of new telco player, Dito Telecommunity.

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DITO said the BVI firm, Loden Infra Technologies Ltd., bought 35 million shares at P8 each. Loden paid the total purchase price of P280 million on August 31. Udenna owns 79.8 percent of DITO while Loden has .25 percent stake.

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“There are no interlocking directors of the parties to the transaction nor are there any directors of Dito CME related to the directors of the subscriber,” said DITO.

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Loden’s investment will enable DITO to meet the minimum 20 percent public float required by the PSE for backdoor listings. The cash would also be used for DITO’s massive capital spending for its network rollout.

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DITO has already obtained clearance from the Securities and Exchange Commission for its issuance of 11.2 billion shares which were swapped with Udenna at a strike price of P6.11 per share.

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