Foreign investor eyes takeover of Dito CME

Davao-based businessman Dennis Uy may have to give up majority control of his telco venture Dito CME Holdings Corp. under a proposed infusion of fresh funds from a foreign investor.

- By ELIJAH FELICE ROSALES

In a disclosure to the Philippine Stock Exchange, Dito CME said it has signed a subscription framework agreement for new investments to be infused by Summit Telco Corp. Pte. Ltd.

Dito CME appointed its chairman Dennis Uy and president Donald Patrick Lim to negotiate the final terms of the transaction, including the amount, timing and tranches.

Summit Telco will subscribe to up to nine billion primary common shares in Dito CME, subject to closing conditions and regulatory approvals.

In the process, Udenna Corp. may have to relinquish majority control of Dito CME to Summit Telco.