PCC greenlights P13.8-B Summit Telco stake in DITO
The decision clears the way for a significant shift in the ownership structure of the telecom company founded by Davao businessman Dennis Uy.
The Philippine Competition Commission (PCC) has approved the acquisition of an additional nine billion shares in DITO CME Holdings Corp. by Singapore-based Summit Telco Corp. Pte. Ltd., a deal valued at P13.77 billion.
The decision which was announced via an official communication to DITO CME on Thursday, clears the way for a significant shift in the ownership structure of the telecom company founded by Davao businessman Dennis Uy.
In a stock market report on Friday, DITO CME confirmed receiving the PCC’s notification, though the official certification is still pending.
Major investment
The transaction, based on the company’s latest closing price of P1.53 per share, marks a major investment in DITO Telecommunity, the Philippines’ third telecom operator. On Friday, DITO CME shares remained unchanged at P1.53 each.
The planned stake acquisition was first revealed in November 2024, signaling Summit Telco’s intent to deepen its foothold in the Philippine telecom market.
The deal awaits final documentation but is expected to boost DITO CME’s financial position.