Foreign group seen taking majority stake in Dito CME

Davao-based businessman Dennis Uy could be poised to give up his controlling stake in listed holding company Dito CME Holdings Corp. in favor of a group backed by foreign investors.

- RICHMOND MERCURIO

An industry source familiar with the matter told The STAR that the plan is for the foreign investors-led group to take a majority share in Dito CME.

The source said the investors want to “go all in” on Dito CME.

“They are here to support the company,” the source said.

The source is referring to the group behind Summit Telco Holdings Corp., a newly incorporated holding company which subscribed to P3.3 billion worth of common shares of Dito CME in October last year.

The proceeds was fully invested by Dito CME in its operating subsidiary, Dito Telecommunity Corp., to comply with capital contribution commitments and support operations for the rollout of its telecommunications business.

Summit Telco Holdings is wholly owned by Singapore-registered Summit Telco Corp. Pte. Ltd., an existing shareholder of Dito CME.