Business Headlines

Paubos na! Bobby Ongpin nephew racks up P331M after disposing 50M Dito-CME shares

The nephew of bilyonaryo Bobby Ongpin is close to fully divesting from Dito CME Holdings Corp. more than two years after Dennis Uy bought into the public-listed company.

Dito CME director Eric Recto sold 50 million shares (held through Monfortino Holdings corp.) at P6.6248 per share in 3 November 2020.

This leaves Recto with only 1.89 million Dito shares. He used to own 234.378 million shares or 8.37 percent of Dito as of January 2020.

Uy acquired 45.13 percent of Dito (which was then called ISM Communications) from Ongpin for P1.28 billion or P1.45 per share in August 2018 for a backdoor listing.

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