DITO CME Holdings is looking to wrap up the sale of an additional stake to its shareholder, Singaporean firm Summit Telco Corp. Pte. Ltd., before the year ends.
Initially considered for conclusion in June, the share sale involving 9 billion shares is still going through the paperwork, Donald Lim, DITO president, said. Lim, however, did not elaborate.
The deal was initially intended for completion by June after the anti-monopoly watchdog, the Philippine Competition Commission, approved it in February this year.
Summit Telco currently holds an 8.14 percent stake in DITO, which, together with the 16.89 percent interest of its mother company, Summit Telco Holdings, would bring the total stake to 25.03 percent of the listed holding entity for telco operator, DITO Telecommunity.
Lim, meanwhile, said that DITO CME has a consistent subscriber base of 15 million, penetrating 85 percent of the population.
Lim expressed optimism about the DITO CME’s prospects as internet use increases.
“While we’re selling a commodity, we’re still optimistic that usage will increase with the use of the internet. So hopefully that fuels the business,” he said.
