Dennis Uy’s wife quits as DITO CME treasurer
Cherylyn Uy resigned as treasurer of DITO CME Holdings, but remains a company director. Photo from Udenna Group website
DITO CME Holdings Corp. saw a change in its management lineup, including the resignation of founder Dennis Uy’s wife, as it is set to finalize a deal that will significantly shake up ownership structure.
In a disclosure on Friday, the operator of the country’s third telco player announced that Cherylyn Uy tendered her resignation as treasurer effective April 3 because of personal reasons. Kim Jay Villamar is her replacement.
Ms. Uy will still be a director. She is also currently serving as the corporate treasurer of her husband’s Udenna Group of Companies, which includes Chelsea Shipping Corp.
Raouf Kizilbash, meanwhile, stepped down as a director effective April 3 due to personal reasons as well.
Chun Lam Chan is now serving the remainder of Kizilbash’s term.
The telco is moving closer to sealing a deal involving the acquisition of an additional 9 billion shares by Singaporean firm Summit Telco Corp. Pte. Ltd. in DITO CME.
Last February, the Philippine Competition Commission (PCC) issued the approval of the transaction, which is estimated to reach P13.5 billion based on the latest closing price.
On Friday, DITO shares rose by 16.28 percent to P1.50 each.
Once finalized, Summit Telco is seen to emerge as the largest shareholder of the listed company.
Summit Telco, at present, already has an 8.14-percent stake in DITO CME, while its parent, Summit Telco Holdings Corp., holds 16.89 percent.
Singapore boost
China Bank Capital Corp. managing director Juan Paolo Colet previously said the subscription could boost the Singaporean companies’ combined stake to nearly 49 percent.
On the other hand, the stake of Uy, who currently owns 54.77 percent of the company through Udenna Corp., will be diluted.
The listed company is targeting to achieve profitability by 2027 on the back of rising average revenue per user (ARPU) as more Filipinos use mobile data for internet access.
As of end-2024, ARPU was estimated at about P120 per month for DITO CME’s 14 million subscribers—markedly higher than 9 million in 2023.
This year, DITO is set to spend about P15 billion to P20 billion to upgrade its services.
