Singapore firm to invest in DITO

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The board of directors of DITO CME Holdings, parent firm of DITO Telecommunity Corp., approved the bid to enter into a subscription framework agreement for the potential investment of Singapore-based Summit Telco Holdings.

In a disclosure to the Philippine Stock Exchange, DITO CME said it executed a subscription framework agreement for Summit Telco to subscribe in up to 9 billion primary common shares of the corporation, subject to the execution of subscription agreements containing the terms and conditions of the relevant subscription and share issuance.

The DITO CME board has authorized the corporation’s chairman Dennis Uy and its president Donald Patrick Lim to fix, negotiate and finalize the terms of the investment, final amounts, timing and tranches of the subscriptions and other terms, and to sign the necessary agreements for the investment, including subscription agreements.

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“The implementation of Summit Telco’s potential investment under the subscription framework agreement, along with other equity-raising efforts, forms part of the company’s business plan to improve its equity position.” DITO CME said.

Last year, Summit Telco acquired P3.3 billion worth of shares in DITO CME via a private placement for the subscription of 3.3 billion voting common shares in the corporation at P1 per share.

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