Singaporean investor gets 25 percent of Dito CME.

MANILA -- A Singapore-based investor now owns 25 percent of the parent of Dito Telecommunity Corp., as it purchased new shares worth P3.3 billion in the telco operator.

In a disclosure to the Philippine Stock Exchange, Dito CME Holdings Corp. said Summit Telco Corp. Pte. Ltd. recently bought 3.3 billion shares for P1 each.

As a result, Dito CME said it had to increase its total number of issued and outstanding shares to 19.54 billion, from 16.24 billion.

With the addition of new shares, Summit Telco has grown its stake in Dito CME to 4.89 billion shares, or 25 percent of the outstanding stock. Summit Telco made its initial investment in Dito CME in August, buying 1.59 billion shares in the telco owned by Davao-based billionaire Dennis Uy.

Similar to the first transaction, Dito CME made no mention of the kind of business that Summit Telco is involved in.

Likewise, records showed that Summit Telco was just incorporated in June, two months before it completed its first engagement with Dito CME.

In August, Dito CME also sold 610 million shares to Xterra Ventures Pte. Ltd., another Singapore-based company incorporated just this year.

Dito Holdings Corp., a subsidiary of Dito CME, also issued 2.24 billion shares...