Singapore’s Summit Telco heavily investing in DITO CME

DITO CME Holdings Corp. said Monday it secured board approval to sign an agreement with Singapore’s Summit Telco Corporation Pte. Ltd. to invest in the

company.

Summit Telco, an existing shareholder of DITO CME, did not disclose the acquisition price. DITO CME’s stock closed at P1.77 on Oct. 31, 2024. DITO CME earlier targeted raising up to P40.26 billion until 2028 to address its negative equity position and fund expansion plans. As of end-2023, the company had raised P5.5 billion through private investments from Xterra Ventures, Pte Ltd., Summit Telco, and Summit Telco Holdings Corp.

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