DITO CME board clears issuance of common shares to Xterra Ventures, Summit Telco

DITO CME Holdings Corp. said on Tuesday that its board had approved the issuance of 2.2 billion shares to Xterra Ventures Pte. Ltd. and Summit Telco Corp. Pte. Ltd.

In a regulatory filing, DITO said its board had approved the issuance of 1.59 billion common shares after it signed a subscription agreement with Summit Telco.

The transaction would increase DITO’s issued and outstanding shares to 15.63 billion from 14.04 billion.

Separately on Tuesday, DITO said its directors had executed a subscription agreement with Xterra Ventures for 610 million common shares of DITO at P1 per share.

This transaction would increase its issued and outstanding shares to 16.24 billion from 15.63 billion previously, the company said.

In a regulatory filing last week, it said its board had approved the issuance of 610 million common shares out of its unissued authorized capital stock priced at par value. Xterra Ventures is an unrelated third party.

Last week, DITO reported that it had completed the applicable requirements for the listing of 35 million shares for a total price consideration of P280 million from Loden Infra Technologies Ltd. It added that the number of DITO’s listed common shares will be adjusted on the listing date or  on Aug. 22, 2023.

At the local bourse on Tuesday, shares in the company fell by 13 centavos or 5.53% to end at P2.22 each. — Ashley Erika O. Jose