DITO CME Conducts Successful Follow On Offer

DITO CME Holdings Corporation (DITO) conducted a successful follow-on offer (FOO) raising P2.05 billion in gross proceeds. The FOO was fully subscribed with strong demand from institutional investors as well as continued support from DITO’s retail investor base.

DITO CME Chairman Dennis A. Uy remarked, “We would like to thank the investing public for their steadfast support which enabled the success of this FOO.”

The bulk of the FOO proceeds will be used to fund the commercial roll-out of the network of its investee company DITO Telecommunity Corporation (DITO Tel). This is for DITO Tel to maintain network superiority and remain a strong player in a very competitive Philippine telecom market.

Despite being in a highly competitive market, with two months left in 2024, DITO Tel is likely going to grow its revenues by around 45 percent on a year-on-year basis.

The entry of a new investor last year as well as this follow-on offer puts DITO on a sounder financial footing and remains on the road to profitability by 2027.
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DITO CME President and COO Donald Patrick L. Lim commented, “We are very happy with DITO CME’s investment in DITO Telecommunity. In a short span of time and during a global pandemic no less, DITO Tel has been able build from the ground up a brand-new world-class 4G-5G network. Nearly 14 million Filipinos are now DITO users and enjoy fast and reliable telecom services.”