Business

DITO ‘re-approves’ P40B capital hike, but still no details on how much Dennis Uy will put in

DITO CME Holdings Corp. gave the green light for the second time in seven months its proposal to increase its authorized capital stock to P40 billion.

But DITO CME remained mum on who would infuse new funds to cover the holding firm’s capital stock.

In a disclosure, DITO said its board, led by chairman, president and CEO Dennis Uy, “re-approved the increase of the authorized capital stock which was approved last 10 December 2019 from P2.8 billion to P40 billion.

DITO also approved the change of the corporation’s corporate term from 50 years to perpetuity.

“ The details of the increase in authorized capital stock as regards the subscriber of the shares are not yet finalized,” said DITO.

Uy and his wife, Cherylyn, currently own 32 percent of DITO. Monfortino Holdings, owned by the group of bilyonaryo Bobby Ongpin who used to control the company when it was still ISM Communication, holds seven percent.

Roughly 60 percent of DITO shares are held by the public.

DITO has hired former ABS-CBN chief digital officer Donald Lim to lead the group’s investments in media and entertainment.

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