DITO CME Swaps Share With Udenna CME

DITO CME Holdings recently acquired Udenna Communications and Media Entertainment Holdings Corporation (Udenna CME) in a P77 billion share swap deal to take hold of the country’s 3rd telco player.

Udenna CME holds 58% of DITO Holdings.

For P6 to P6.90 per stock, DITO CME will get to acquire 100% of Udenna CME in exchange for 11.2 billion DITO CME shares. DITO CME will also get and indirect hold on DITO Telecommunity.

“This is one step of our plan of realizing DITO CME’s ownership of DITO Telecommunity, through Udenna CME and DITO Holdings Corp,” said Eric Alberto, DITO CME President.

Alberto also said that DITO CME will eventually be the owner of Udenna’s interest in DITO Telecommunity.

“We want to deliver on the expectations of our shareholders and the investing public, thus we don’t want to make promises that we can’t keep. Rest assured that we are working hard to execute on our plans as best we can,” said Dennis Uy, DITO Telecommunity Chairman and CEO. (MLC)