Summit Telco Corp. investment in DITO CME expected to close this year

Summit Telco Corp. Pte. Ltd.'s investment in DITO CME is anticipated to conclude within the current year, a delay from the original June target date.

DITO president and COO Donald Patrick Lim stated that the parties are refining the paperwork for the deal, which he expects to be completed this year.

The Philippine Competition Commission cleared the transaction in February.

The deal involves Summit Telco's acquisition of an additional 9 billion primary common shares in DITO CME, positioning it as the largest shareholder.

This transaction will consequently dilute the shareholdings of current major stakeholder, Dennis Uy.

DITO currently has 15 million subscribers and has penetrated 85 percent of the population.

Lim emphasized that while the Konektadong Pinoy Act aims to improve internet accessibility, necessary infrastructure is still required for cheaper or faster service.