Dennis Uy further cuts Dito stake

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May 6, 2026 | 12:00am

MANILA, Philippines — Davao-based businessman Dennis Uy is relinquishing further control in his telco arm Dito CME Holdings Corp., raising the share price of a company in the midst of takeover talks.

In a disclosure to the Philippine Stock Exchange, Dito said its parent unit Udenna Corp. last week disposed of 210 million shares, valued at P201 million.

With the move, Udenna’s ownership in Dito went down to 48.81 percent from 49.79 percent, as it clears up more space for the entry of a new investor.

In 2024, Dito signed a subscription framework agreement with Summit Telco Corp. Pte. Ltd. for the subscription of up to nine billion primary common shares. The transaction received approval from the Philippine Competition Commission last year, leaving it to the parties to finish the deal.

Udenna disposed of its shares in three sets. The first covered 75 million shares for P0.97 a piece, the second, 75 million shares for P0.95 per piece and the third, 60 million shares for P0.95 each.

Dito’s share prices rose by one percent to P0.98 each, as investors showed optimism in what may be a nearing exit for Udenna as majority owner.

Dito is trying to reverse its fortunes by seeking fresh capital from long-time and new investors, as it struggles to sort out its cash deficiency and mounting debts.

Dito’s net loss stands at P9.65 billion as of September 2025, as revenue went up by 25 percent to P14.92 billion, but was negated by a 14-percent rise in expenses.

Dito’s flagship Dito Telecommunity Corp. is gaining momentum as the third telco player. So far, it has gained 15.21 million subscribers, on top of 319,000 in the fixed wireless access segment.

Still, gains made by the telco wavers compared to the parent’s capital deficiency. Dito widened its capital deficiency by 30 percent to P95.31 billion in the nine months to September 2025, and yet management said it is confident of meeting maturing obligations.

Dito plans to introduce new products and ramp up commercial services to widen its income flow and stabilize revenue generation.

Likewise, Dito is leaning on the arrival of new investors, particularly Summit Telco, to infuse the necessary capital to fund expansion efforts and settle expiring loans.