Ernesto “Eric” Alberto, the former No. 2 executive at PLDT Inc., has formally joined Davao-based businessman Dennis A. Uy’s telecommunications holding company Dito CME Holdings Inc.
Multiple sources who attended Dito CME’s annual shareholders’ meeting on Tuesday said Alberto, who resigned from PLDT last year as chief revenue officer, was named an independent director of the company.Reporters were barred from covering the meeting, which was held online.
Alberto could not be immediately reached for comment, however, he previously told the Inquirer he had been approached by Uy, whom he considers a personal friend.
He added that his noncompete provision in PLDT that prevented him from joining a rival company expired on July 1 this year.
Alberto brings close to 20 years of industry experience to Dito CME, which is transitioning to become a telecommunications and media holding company.Last December, Dito said it would acquire 100 percent of Udenna Communications Media and Entertainment Holdings Corp. The latter will be the “parent entity that holds the Udenna group’s shares in telecommunications, media and entertainment businesses.”
In a stock exchange filing on Tuesday, Dito CME said the board “reapproved” a massive capitalization effort, which would support its growth initiatives. According to the filing, the company is increasing its capital from P2.8 billion to P40 billion, divided into 40 billion shares at P1 apiece.“The details of the increase in authorized capital stock as regards the subscriber of the shares are not yet finalized,” Dito CME said.
The Udenna Group’s telecommunications interests are focused on Dito Telecommunity, a venture with China Telecom.Dito Telecommunity was earlier selected to be the country’s third major telecommunications player to challenge PLDT Inc. and Globe Telecom. It has encountered delays in its rollout due to the new coronavirus pandemic.Dito Telecommunity earlier said the National Telecommunications Commission granted it a six-month extension to meet its coverage targets until January 2021. INQ