Telco DITO targets to increase subscribers to 12M this year
DITO Telecommunity Corp. is aiming to reach 12 million subscribers this year, according to the company’s chief administrative officer, Adel A. Tamano, noting that the new telco player easily hit five million subscribers in just nine months last year.
“In less than a year, about nine months, we got five million subscribers. We are hoping to get much more [this] year, and I think it’s still a conservative goal. We’re only aiming for about 12 million subscribers,” Mr. Tamano told CNN Philippines’ New Day on Tuesday.
“We are also going to be launching products that we hope will change the market,” he added.
In a recent disclosure to the stock exchange, listed DITO CME Holdings Corp. said that its telco unit intends to launch a fixed wireless product this year.
“We are currently undergoing a test broadcast to ensure the quality of the product that we will be launching sometime in the first quarter of 2022,” DITO CME Investor Relations Officer Leo D. Venezuela was quoted as saying.
DITO CME, which owns 54% of DITO Telecommunity, is raising P8 billion via a stock rights offering.
“Proceeds will be used to fund our telco services all over the country in fulfillment of the technical audit requirements, and to fulfill our own mission to be a compelling and a competitive alternative telco in service of the Filipino public,” DITO CME President Eric R. Alberto said.
The company previously received regulatory approval to extend its stock rights offer through Jan. 25, allowing more qualified investors to obtain additional shares at an “attractive discount.”
“The offer price is an 18.4% discount from the closing price as of Jan. 13, allowing eligible shareholders the chance to grow their investment in DITO CME as it sets its eyes on growing the telecom network of DITO Telecommunity and its other digital businesses,” the listed company said.
DITO Telecommunity had generated P2 billion in revenue as of Dec. 18, Mr. Tamano said at a virtual briefing in December.
DITO CME handles Udenna Corp.’s investments in media, communications, entertainment, and information technology.
It has three digital companies: Unalytics, which provides managed analytics services; Acuity Global, which curates media properties across platforms and provides media planning and buying; and Luna Academy, an online education platform aimed at equipping users with futureready skills, credentials, and certificates.
DITO CME shares closed 3.90% lower at P5.18 apiece on Tuesday. —