LISTED holding and investment firm DITO CME Holdings (DITO CME) has raised P2.2 billion through the sale of shares by one of its units to a third party registered in the Cayman Islands.

In a disclosure on Thursday, DITO CME said that unit DITO Holdings Corp. (DITO Holdings) had issued 2.2 billion shares to Summit Global Ltd., an entity organized and existing under the laws of the Cayman Island, at a price of P1 per share.

“The issuance of new shares at DITO Holdings amounts to approximately 18.5 percent of its issued and outstanding capital stock,” it said.

“With regard to the effect of the issuance of shares on the business and financials of the company, the proceeds from such issuance of shares were used to fund the additional equity requirements of its operating subsidiary, DITO Telecommunity Corp., through the payment of subscription payables of DITO Holdings to Dito Telecommunity Corp.,” the company said.

Before this latest share sale, the Dennis Uy-led DITO CME held an 89.46-percent stake in DITO Holdings through Udenna Communication Media and Entertainment Holdings Corp. The latest share sale cut DITO CME’s stake in DITO Holdings to 72.91 percent.

In two disclosures to the bourse last month, DITO said that its board had approved the issuance of 1.59 billion common shares out of its unissued authorized capital stock, raising the total number of its issued and outstanding shares from 14.035 billion to 15.625 billion.

The 1.59 billion shares were issued to Summit Telco Corp. Pte. Ltd., an unrelated third-party subscriber, at a price of P1 per share via a subscription agreement.

DITO’s board also approved the issuance of 610 million shares out of its unissued authorized capital stock, raising the total number of its issued and outstanding shares from 15.625 billion to 16.235 billion.

Through a subscription agreement, the 610 million shares were issued to Xterra Ventures Pte. Ltd., also an unrelated third-party subscriber, at P1 per share.

For the first half of 2023, DITO reported a net loss of P3.19 billion, down sharply from the P15.43-billion loss booked in the same period last year, thanks to stronger revenues.

Revenues from contracts with customers were said to have increased to P4.96 billion in the first six months from P3.03 billion a year earlier.

On Thursday, DITO CME shares fell by 1 centavo, or 0.45 percent, to P2.19 each amid a 0.94-percent decline for the benchmark Philippine Stock Exchange index.