Businessman Dennis Uy and CATS Motors chair Greg Yu have taken advantage of the sharp rise in share prices of DITO CME Holdings Corp. to lighten their stake in the company.
Uy and Yu sold a combined 34.2 million shares of DITO from June 29 to July 2 with a total value of P126 million. The two sold at an average price of P3.71 per share or its highest in five months. DITO closed at P3.04 on Friday, July 3.
Uy, the chairman, president, and CEO of DITO, dropped 30 million shares on June 29 at P3.66 each for P109.8 million. Uy still has 625.4 million shares or 22.11 percent of DITO.
Yu, DITO independent director, went on a selling spree from June 29 to July 2. He raised roughly P16 million from the sale of 4.2 million DITO shares at an average of P3.76.
In a July 1 Senate hearing, Dito chief administrative officer Adel Tamano blamed the coronavirus for the delay in its rollout of cell towers – it has only put up 300 of its 1,300-cell tower commitment under its certificate of public convenience and necessity.
But DITO assured it was “still on track for the March 2021 scheduled commercial launch under the certificate of public convenience and necessity…what will be pushed back is only the technical audit to be conducted by the government originally scheduled for 8 July 2020.”
Source: Peso Economics
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