Summit eyes Dito majority stake
This follows the approval of the board of Dito CME on the additional potential investment from Summit Telco Corp which currently holds 8.14% stake in Dito CME. Its parent Summit Telco Holdings hold 16.89% and Udenna Corp has 54.77%. The potential subscription will make Summit Telco group the largest shareholder of Dito CME, and Udenna’s share will be diluted. Dito CME is the operator of Dito Telecommunity (Dito Tel), the third major telecom company in the country.
“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 positions as previously disclosed,” Dito CME said. The board has also authorised Dito CME chairman Dennis A Uy and president Donald Patrick L Lim to fix, negotiate, and finalise the terms of the investment.
