DITO CME Holdings Corp. has raised P2.2 billion to support the expansion of DITO Telecommunity Corp.
In a disclosure at the stock exchange, DITO CME said 610 million DITO common shares were issued to Singapore-based Xterra Venture Pte. Ltd. and another 1.590 billion DITO common shares were issued to Summit Telco Corp. Pte. Ltd.
The shares were sold at P1 apiece.
This represents 13.5 percent of DITO’s outstanding shares of 16.235 billion.
For this year, DITO has allocated P27 billion for capital expenditures (capex) to fund its network expansion to deliver its committed internet speed and network coverage for the first five years of its operation.
“The primary objective of DITO CME is to raise as much investment to be able to fund this critical project of ours which is the third telco… the telco vertical is a very capital intensive industry and if we are to be true to our ambition to be a major enabler of digital services in the country,” Eric Alberto, DITO CME president and chief executive officer, recently told reporters.
“The telco is working hard and still very hopeful that they can meet EBITDA (earnings before interest, taxes, depreciation and amortization) breakeven by end of 2025 and looking to make a profit in 2028,” Alberto added. – Myla Iglesias
