Dennis Uy extends DITO’s rights offer period

DITO CME Holdings Corp. has extended the deadline for its rights offering by another week, until January 25.

The stock rights offering (SRO) began on December 27, 2021, and was scheduled to conclude on January 18, 2022.

DITO CME, owned by Davao-based businessman Dennis Uy, did not explain why it decided to extend the offer period.

When Haustalk and Figaro Coffee Group Inc. proceeded with their initial public offerings amid the country’s raging omicron cases, a broker questioned DITO’s decision to extend the SRO period.

“Extension of DITO is a sign of weakness; if oversubscribed, why extend?” questioned a market observer.

DITO CME launched a stock rights offering to support Dito Telecommunity’s ongoing network rollout, in which it owns a 54 percent stake.

As of December 23, the company is offering 1.64 billion rights shares to shareholders, which equates to approximately 11.7 percent of its outstanding capital. Shareholders have the option to purchase one rights share for every 1.73 common shares they own.

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