Shares of Dito Telecom finished at P3.35 apiece today, 4.69% higher than the Aug. 24 close of P3.20.
Lawmakers voted 240-7-7 to grant a franchise to Dito Telecommunity Corp., a consortium owned by Davao City-based businessman Dennis Uy. The consortium is composed of his Udenna Corp., Chelsea Logistics, and Beijing’s state-owned China Telecommunications Corp.
The approved legislation will eventually be sent to the Senate for deliberation and concurrence, after which it would be delivered to Malacañang for the Chief Executive’s final approval.
Once allowed to operate, Dito is expected to break the country’s telco duopoly dominated by Smart Communications owned by tycoon Manny V. Pangilinan and Globe Telecom of the Ayala Group.
Source: Peso Economics
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