Chelsea Logistics and Infrastructure Holdings Corp. said Tuesday it sold a 25-percent stake in DITO Telecommunity Corp. to DITO Holdings Corp.
Chelsea Logistics said in a disclosure to the stock exchange its board approved the sale of its 40,833,332 common shares and 22,916,666 preferred shares in DITO Telecommunity to DITO Holdings.
“The transfer of the shares is only for the purpose of restructuring Chelsea Logistics and Infrastructure Holdings Corp.’s shareholdings in DITO Telecommunity, and to streamline the shareholdings of the Corporation and of Udenna Corp. in DITO elecommunity through a holding company, DITO Holdings Corp,” Chelsea Logistics said.
It said that despite the sale, Chelsea Logistics would continue to hold 25 percent of DITO Telecommunity indirectly through DITO Holdings.
DITO chief technology officer retired Major Gen. Rodolfo Santiago earlier said that his company completed the construction of 1,532 base stations as of Oct. 2.
“This is more than enough to satisfy the minimum 37-precent population coverage that we need to meet for our technical audit by January next year,” Santiago said.
“We’re hoping to target over 2,000 base stations by end of 2020. We hope we can achieve that so that we can offer to a wider public,” he said.
DITO spent over P150 billion for the initial rollout of its infrastructure and other operating expenses.
It committed to spend P257 billion over the next five years to achieve 55 mbps of internet speed, covering 84 percent of the population.