DITO CME Holdings Corp. (DITO) has received regulatory authority to prolong its stock rights offer until February 2nd, allowing more qualifying investors to buy additional shares at a discount.
According to the firm, the extension was given in response to several requests from shareholders who could not subscribe to the offering or get their stock rights offering kits on time due to logistical challenges caused by Covic-19’s rise.
DITO CME is selling 1.64 billion ordinary shares at a price of P4.88 per share.
The offer price represents an 18.4 percent discount from the closing price on January 13th, 2022, allowing eligible shareholders to receive a larger allotment while DITO focuses on expanding its telecom network and other digital enterprises.
“We’re raising P8 billion through the SRO, and the proceeds will be used to fund our telco services across the country in fulfillment of the technical audit, as well as to fulfill our mission of being a compelling and competitive alternative telco in service of the Filipino public,” DCME president Eric Alberto said.
Prefererred data provider
More DITO customers are applauding the third telco’s superior offers, which include increased data volume, carryover data, a more steady connection, and greater value for money.
Mathew Tamaray, a 45-year-old native of Bian City, Laguna, who has worked for PAL Express for 11 years, describes himself as a “believer of DITO,” citing its superior customer service and greater accessibility in other parts of the country compared to incumbent networks.
For example, he uses his DITO number for business-related matters or when on official business in outstations, noting the network’s faster access in important locations where they operate.
DITO Telecommunity currently has over 4,100 cellular towers in operation, with another 4,000 under construction, and coverage in over 500 cities and municipalities across Luzon, Visayas, and Mindanao. Furthermore, in less than a year since its commercial introduction, it has amassed more than 5 million members.
DITO CME Investor Relations Officer Leo Venezuela highlighted the telco’s ambitions to offer a fixed wireless product this year during a recent online webinar with COL Financial.
“We are currently conducting a test broadcast to ensure the quality of the product that we will debut sometime in the first quarter of 2022,” he explained.