SEC OKs DITO CME’s P4.2B follow-on offering

The Securities and Exchange Commission (SEC) on Thursday said it has approved DITO CME Holdings Corp.’s plan to raise up to P4.2 billion in capital through a follow-on offering.

In a statement, the SEC said its Commission En Banc, on August 15, resolved to render effective DITO CME’s —the parent of DITO Telecommunity— registration statement covering a total of 1,953,500,000 common shares priced at P1 to P2.15 per share, subject to the company’s compliance with certain remaining requirements.

At the maximum price of P2.15 apiece, DITO CME is expecting to net about P4.12 billion from the offering.

The company intends to use the proceeds of the offering to fund the commercial rollout of its network expansion and for general corporate purposes.

The offer will run from September 5 to 12, in time for listing of the shares on the Main Board of the Philippine Stock Exchange on September 20, according to the latest timeline submitted by the company.

The company tapped BDO Capital & Investment Corp. as the sole underwriter for the transaction.—AOL, GMA Integrated News