{"id":330237,"date":"2024-11-05T15:13:39","date_gmt":"2024-11-05T07:13:39","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=330237"},"modified":"2024-11-05T15:17:40","modified_gmt":"2024-11-05T07:17:40","slug":"trade-the-news-dennis-uy-to-cede-control-of-dito-to-singaporean-investor","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-dennis-uy-to-cede-control-of-dito-to-singaporean-investor\/","title":{"rendered":"Trade the News: Dennis Uy to cede control of DITO to Singaporean investor"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>NEGATIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>DITO CME Holdings<\/td><\/tr>
Stock Code<\/strong><\/td>DITO<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Unrated<\/td><\/tr>
1-Year Target Price<\/strong><\/td>Unrated<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

Davao-based tycoon Dennis Uy and his Udenna Corp. will soon shift control of telco DITO CME Holdings. (DITO) to a Singapore-based company.<\/p>\n\n\n\n

In a report filed to the Securities and Exchange Commission on Monday, November 4, DITO CME said its board has approved a framework agreement allowing Singapore-based Summit Telco Corp. to subscribe to up to 9 billion primary common shares.<\/p>\n\n\n\n

DITO CME currently has 19.53 billion shares of common stocks.<\/p>\n\n\n\n

Should the deal push through, 9 billion common shares will give Summit a larger stake at DITO CME, edging out Udenna\u2019s stake.<\/p>\n\n\n\n

Summit Telco and its subsidiary Summit Telco Holdings already own a combined 23.03% of DITO CME.<\/p>\n\n\n\n

This move comes as DITO CME attempts to nurse its bleeding. In the first quarter of 2024, DITO CME\u2019s net loss was at P4.11 billion, further rising in the second quarter with P18.1 billion.<\/p>\n\n\n\n

As of DITO CME\u2019s March 2024 report, Uy\u2019s Udenna Group had 54.77% of the shares, while Summit Telco Holdings Corp. and Summit Telco Corp. had 23.03% collectively.<\/p>\n\n\n\n

(News Source: Philippine Star<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-330237","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=330237"}],"version-history":[{"count":2,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330237\/revisions"}],"predecessor-version":[{"id":330243,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330237\/revisions\/330243"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=330237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=330237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=330237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}