Business

Greg Yu selling spree continues: Mercedes importer dumps over 2M shares of DITO

Auto Nation Group, Inc. chair Greg Yu remains on a selling mode with his shares in DITO-CME Holdings Corp. Auto Nation is the exclusive distributor of Mercedes-Benz and American auto brands Chrysler, Dodge, Jeep and Ram in the Philippines.

The DITO independent director sold a total of 2.312 million shares from August 11 to 13 at a selling price of between P3 and 3.20.

Yu pocketed roughly P7 million from his divestment and reduced his stake to 56.368 million shares.

A month ago, Yu sold P16 million worth of DITO shares at an average of P3.76.

Yu sold his shares just before bilyonaryo Dennis Uy gave his post as president of DITO to former PLDT executive Ernesto Alberto. Uy, who will remain as chairman and CEO, said the move would lead to “balance of power, increased accountability, and better capacity for independent decision-making.” The company is gearing up for the start of its telecom operation in 2021.

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