Dito CME defers P8 billion stock rights

MANILA, Philippines — Dito CME Holdings Corp., the communications, media, and entertainment arm of Davao-based businessman Dennis Uy’s Udenna Group, has deferred its P8-billion stock rights offering due to “less than ideal” market conditions.

In a stock exchange filing on Saturday, Dito CME said its management has determined that current market conditions are less than ideal to pursue the offering.

“Upon careful consideration of its business strategies, Dito CME has decided to defer the stock rights offer,” it said.

Dito CME said it would refund any and all subscription payments made by any existing shareholder or qualified institutional buyer during the offer period.

The company offered a total of 1.64 billion common shares, priced at P4.88 per share.

The final offer price was at the low end of the earlier price range set by the company, which was from P4.88 to P6.88 per share.

Dito CME was able to receive earlier regulatory approval to extend its stock rights offer through Jan. 25 from the original deadline of Jan. 18.

Proceeds of the stock rights offering were supposed to be contributed as additional capital into Dito Telecommunity to support a successful commercial rollout and for general corporate purposes.

Dito CME is a publicly listed holding company handling the Udenna Group’s investments in the space of media, communications, entertainment and ICT.

The company owns 54 percent of third telco player Dito Telecommunity and operates three digital companies in media, communications, entertainment and information technology.

These are Unalytics, which provides managed analytics services; Acuity Global, which curates media properties across platforms and provides media planning and buying; and Luna Academy, an online education platform aimed at equipping users with future-ready skills, credentials, and certificates.