DITO CME secures pre-clearance for share-swap deal

DITO CME Holdings Corp. has secured pre-clearance from the Securities and Exchange Commission (SEC) on its share-swap application.

DITO CME, a Dennis A. Uy-led holding firm, said in a stock exchange disclosure on Wednesday that it had obtained pre-clearance of its share-swap application from the SEC – Financial Analysis and Audit Division and had paid the necessary filing fees.

“The company shall further disclose an update to this application as soon as it receives the SEC’s approval,” DITO CME said in the disclosure.

The disclosure pertains to the acquisition of 100% of the shares of Udenna Communications Media and Entertainment Holdings Corp. or Udenna CME, in exchange for the issuance of 11.2 billion common shares of DITO CME in favor of Udenna Corp.

Udenna CME possesses Udenna Corp.’s shares in its telecommunications business.

During the second quarter, DITO CME posted a 70.8% decline in its attributable net income to P8.1 million due to higher expenses. The company’s expenses for the quarter rose to P18.6 million from P555,877 in the same period a year ago.

For the first half of the year, DITO CME recorded a 70.5% decline in its attributable net income to P16.3 million against P55.3 million in 2020.

Shares of DITO CME at the stock exchange rose 2.68% or 20 centavos to end at P7.65 apiece on Wednesday. — Revin Mikhael D. Ochave

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