MANILA -- An ongoing 8 billion peso ($156 million) stock rights offering meant to bankroll the expansion of the China-backed telecom challenger in the Philippines has been called off due to "less than ideal market conditions."
Dito CME Holdings, which owns a 54% stake in Dito Telecommunity, announced the decision on Sunday. The unusual move was made amid "perceived risks" surrounding Dito ahead of a looming leadership change in the Philippines and comes as another blow to tycoon Dennis Uy, a campaign donor to President Rodrigo Duterte.
