Dito to Raise P27B From Equity Expansion

Dito CME Holdings Corp. is eyeing to convert nearly P27 billion in advances into equity this year to wipe out its capital deficiency and improve financial health.

- Elijah Felice Rosales

In a disclosure to the Philippine Stock Exchange, Dito CME said it has raised P16.55 billion in funds through capital infused by private investors and its follow-on share offering last year.

However, the amount is still nowhere close to its capital deficiency that has reached P78.04 billion as of March, arising from the capital expenditures to build up the infrastructure network of telco unit Dito Telecommunity Corp.

Dito CME committed to proceed with efforts to generate more funds through private placements. The company aims to secure as much as P28.83 billion from private investments until 2028 to fund future projects and shore up equity position.