The chairman of Auto Nation Group, local distributor of Mercedes Benz, raised P35 million with the sale of 3.5 million shares of DITO from December 28 to 29, 2020.
Yu sold the shares at a range of P9 to P11 each. Dennis Uy’s telecom stock is one of the hottest stocks of 2020 with a 181 percent gain.
The company director has been shedding his stake in DITO as Uy changed the stock’s name from ISM Communications and folded in the third telco player’s assets.
Yu’s DITO stake has been slashed by a third from 49.2 million as of January 2020 to 33 million shares (P405 million at current market prices).