BIZ BUZZ: Dennis Uy stays put in DITO

DITO CME Holdings Corp. is set to undergo a major ownership structure change as the Summit Telco Group is bound to become the telco operator’s biggest shareholder.

Ahead of this, Cherylyn Uy—wife of founder Dennis Uy—already stepped down as treasurer but kept her post as a director.

With the third telco player seeing so many changes and Uy’s stake in DITO set to be diluted, some were skeptical about the founder’s fate in the company. But DITO was quick to quash the rumors.

“There is no imminent exit by Mr. Dennis Uy in DITO CME Holdings Corp.,” the company said in a disclosure on Tuesday.

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The third telco player said that Uy’s Udenna Corp. still holds substantial shareholdings in the listed company.

“If there are transactions involving the exit of Udenna Corp. and/or Mr. Uy in DITO CME, the company will be making the necessary disclosures promptly in accordance with the disclosure rules,” the company said.