Business Headlines

Bobby Ongpin nephew offloads P132M DITO CME shares

The nephew of bilyonaryo Bobby Ongpin has sold a total of P132 million worth of DITO CME Holdings Corp. shares this month.

DITO director Eric O. Recto sold a total of 35 million shares in three transactions from September 14 to 21, 2020 at P3.59 to P4.12 per share.

READ: Ongpin nephew joins Dennis Uy, Greg Yu in DITO selloff, unloads P100M shares

Recto also sold P100 million worth of DITO shares at P2.97 each tow months ago.

As of June 30, Recto directly owns 890,615 DITO shares and indirectly 132.825 million (through Monfortino Holdings Inc.) or a total stake of 4.78 percent in the company. At current market prices, Recto’s holdings are worth P562 million.

DITO used to be ISM Communications (the stock was originally Itogon Suyoc Mining Co.) where Recto served as chair and CEO. In August 2018, bilyonaryo Dennis Uy forked out P1.28 billion to take a 45.13 percent interest in the technology firm in August 2018.

ISM officially changed its name to DITO early this year to hold Uy’s shell company Udenna Communications Media and Entertainment Holdings Corp.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.