THE Securities and Exchange Commission said it has approved DITO CME Holdings Corp.’s P4.2- billion share sale.
The Dennis Uy-led telecommunications firm is looking to sell 1.95 billion shares at an offer price of between P1 and P2.15 per share.
“At the maximum price, DITO expects to net up to P4.12 billion from the offer,” the company said.
DITO will use the proceeds to fund the commercial rollout of its network expansion and for general corporate purposes.
It is looking at having the share sale between September 5 and 12, with listing at the Philippine Stock Exchange eyed on September 20.
DITO tapped BDO Capital & Investment Corp. as the sole underwriter for the transaction.
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