Nilangaw? Dennis Uy extends DITO’s rights offer period

DITO CME Holdings Corp. has extended its rights offer period by another week or until January 25.

The stock rights offering (SRO) commenced on December 27, 2021 and was supposed to end on January 18.

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Owned by Davao-based businessman Dennis Uy, DITO CME did not say the reason behind its decision to extend the offer period.

A broker questioned DITO’s move to extend the SRO period when Haustalk and Figaro Coffee Group Inc. proceeded with their initial public offerings amid the raging omicron cases in the country.

“Extension of DITO is a sign of weakness, if oversubscribed why extend,” a market watcher asked.

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DITO CME launched a stock rights offering to support the ongoing network rollout of Dito Telecommunity, in which it owns a 54 percent interest.

The company is offering a total of 1.64 billion rights shares, equivalent to about 11.7 percent of its outstanding capital, to shareholders as of record of December 23. Shareholders can subscribe to one rights share for every 1.73 common shares held.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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