PCC OKs DITO's shares deal with Singaporean telco

The foreign companies will invest in up to nine billion primary common shares.

File photo: Dito Telecommunity

Summit to become the majority owner

Dito CME Holdings Corp. has announced that the Philippine Competition Commission has cleared the company's plan to sell the majority of its shares to Singapore's Summit Telco Corporation Pte. Ltd.

Amended disclosure to state that, on 27 February 2025, the Corporation has received an email notice from the Philippine Competition Commission (PCC) clearing the transaction. The Corporation has yet to receive the official certification regarding the clearance from the PCC, the company said in a bourse filing.

The Board of Directors of the Corporation has previously approved a resolution authorizing the corporation to sign and execute a Subscription Framework Agreement for the potential investment by Summit Telco.

The Dito CME board authorized Chairman Dennis Uy and President Donald Patrick Lim to fix, negotiate, finalize the terms of the investment, final amounts thereof, timing, and tranches of the subscriptions, and other terms, and to sign necessary agreements for the investment, including subscription agreements.

In this regard, the corporation 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 disclosure read.

Once finalized, Summit Telco will become the majority owner of Dito CME.

The implementation of the potential investment under the Subscription Framework Agreement, along with other equity raising efforts, forms part of Dito CME's business plan to improve its equity position as previously disclosed.

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Source: Dito CME, Via: PhilStar