Dito CME Holdings Corporation

Dito CME Holdings Corporation
(DITO CME)
Formerly
  • Itogon-Suyoc Mines, Inc. (1925–2002)
  • ISM Communications Corporation (2002–2020)
Company typePublic
PSE: DITO
IndustryConglomerate (investment)
FoundedJanuary 1925; 100 years ago (1925-01) (as Itogon-Suyoc Mines, Inc.)
March 2020; 4 years ago (2020-03) (as Dito CME Holdings Corporation)
Headquarters21/F Udenna Tower, Rizal Drive corner 4th Avenue, Bonifacio Global City,
Taguig, Metro Manila
,
Philippines
Area served
Philippines
Key people
  • Dennis Uy (Chairman)
  • Ernesto R. Alberto[1] (President)
  • Donald Patrick Lim (Chief Operating Officer)
Services
RevenueIncrease ₱7.28 billion (2022)
Decrease ₱−25.63 billion (2022)
Decrease ₱−25.63 billion (2022)
Total assetsIncrease ₱192.88 billion (2022)
Total equityDecrease ₱−27.89 billion (2022)
ParentUdenna Corporation[2]
Subsidiaries
Websiteditocmeholdings.ph Edit this at Wikidata

Dito CME Holdings Corporation (formerly known as Itogon-Suyoc Mines, Inc. and ISM Communications Corporation) is a Filipino conglomerate holding firm. Formed in 1925, the company primarily engages in telecommunications and information technology infrastructure.

History

The early years

Itogon-Suyoc Mines, Inc. was founded in January 1925 as a mining company.[3][4] During the 2000s, the company (which subsequently renamed as ISM Communications Corporation in April 2002[4]) began diversified with the investments in different industry sectors[3] such as telecommunications (a stake in Eastern Telecommunications Philippines, later divested in 2011),[5] gaming and hospitality (a 65% stake in Acentic GmbH),[6] and banking (a 97% stake in Philippine Bank of Communications, sold to Lucio Co),[7] before it became a holding company in 2016.[3]

Dennis Uy era

In August 2018, businessman Dennis Uy bought a 45% controlling stake in ISM,[3] and in March 2020, the firm was renamed as Dito CME Holdings Corporation.[4][8]

In November 2020, Dito CME announced its share swap deal with Uy's Udenna Corporation to indirect owning its stake in telecommunications company and its namesake, Dito Telecommunity. As part of a deal, Dito CME will own a 100% stake in Udenna's subsidiary, Udenna CME Holdings Corporation which co-owns (along with another Udenna subsidiary, Chelsea Logistics) one of Dito's parent companies, Dito Holdings Corporation (the other is the Chinese state-owned China Telecommunications Corporation). The deal made Udenna Corporation became as a parent company of Dito CME.[2]

In June 2021, Dito CME (through its subsidiary, ISM Equities Corporation (now DITO CME Ventures, Inc.)) signed a sales-and-supply agreement with Samsung Electronics Philippines.[9]

In July 2021, Dito CME announced its partnership with Alibaba Cloud to provide cloud computing and storage products for its digital educational platform, Luna Academy.[10]

In January 2022, Dito CME dropped the Rights offering of US$156 million for the expansion in Philippines citing the reason of "less than ideal market conditions."[11]

References

  1. ^ Abadilla, Emmie (14 August 2020). "Former PLDT top executive Alberto assumes DITO presidency". Manila Bulletin.
  2. ^ a b "DITO CME Approves UDENNA CME Share Swap". Udenna Group. November 9, 2020. Retrieved June 26, 2021.
  3. ^ a b c d Dumlao-Abadilla, Doris (17 August 2018). "Dennis Uy acquires 45.13% of ISM". Philippine Daily Inquirer.
  4. ^ a b c "Our Company". Retrieved July 5, 2021.
  5. ^ Montecillo, Paolo (21 October 2011). "SMC buying Ongpin group's ETPI shares". Philippine Daily Inquirer.
  6. ^ Austria, Jenniffer (28 September 2018). "ISM selling stake in Acentic, eyes new investments". Manila Standard.
  7. ^ Abad, Roderick (30 September 2014). "ISM raises P1.95 billion from share-sale deal in PBCom". BusinessMirror.
  8. ^ "ISM changes name to DITO". BusinessWorld. 26 March 2020.
  9. ^ "Dito CME signs landmark distribution deal with Samsung PH". The Manila Times. June 28, 2021. Retrieved June 28, 2021.
  10. ^ Rey, Aika (July 1, 2021). "Dito Telecommunity expands to 17 more areas". Rappler. Retrieved July 2, 2021.
  11. ^ "China Telecom's Philippine partner Dito CME drops rights offering". Nikkei Asia. Retrieved 2022-01-31.