Summit Telco investment in DITO CME to close later than expected

Singapore-based Summit Telco Corp. Pte. Ltd’s investment in DITO CME is now set to be completed within the year, as parties are still finalizing details after the deal was initially expected to be closed by June.

According to DITO president and chief operating officer Donald Lim, the partners are just fine-tuning paperwork for the deal, which will make Summit to be the biggest shareholder of DITO following the acquisition of an additional 9 billion shares in the company.

“Our bosses are just talking to one another and ensuring, siyempre (of course), the transition as best as possible matawid na kaagad (be carried out immediately),” he told reporters in Makati City.

“Siyempre kung ikaw nagpasok ng pera ayaw mo bang ayusin kaagad, di ba? (Of course if you p money, don't you want to fix it immediately?) Everything is above board. We’re a listed company, so I think it’s just that more than anything… walang (there’s no) underlying current,” he added.

Summit Telco currently holds an 8.14% stake in DITO CME, while its parent Summit Telco Holdings Corp. owns a 16.89% share. With the additional shares, Summit will rise as the biggest shareholder, diluting shares of Davao-based businessman Dennis Uy.

The planned acquisition was first announced in November 2024, and was cleared by the Philippine Competition Commission (PCC) in March.

In the same interview, Lim said he is optimistic that the company will continue to register growth, as it now has 15 million subscribers, covering 85% of the population.

“Our population will be digital, very digital. While we’re selling a commodity, we’re still optimistic gagamit at gagamit ‘yan (that it will be used by the people). Tataas ang lahat ng gamit ng internet (The use of the internet will keep increasing), so hopefully that fuels the business,” he said. —AOL, GMA Integrated News