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Saturday, May 18, 2024

Uy steps down as chief executive of DITO Telecom

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Businessman Dennis Uy stepped down as chief executive of DITO Telecommunity Corp. but will remain chairman of the country’s third major mobile service provider.

DITO CME Holdings Corp., the parent company of DITO Telecom, announced the movement of its executives to sustain the high-growth trajectory of its telecom unit.

The holding company of Uy said Eric Alberto would be reassigned to DITO Telecom as chief executive from his current position of DITO CME president.

Albert would replace Uy, while DITO CME chief operating officer Donald Patrick Lim was appointed as DITO CME president in an acting capacity.

“Eric’s wealth of experience in senior capacities in the banking and telecoms sectors spanning several decades, will be very valuable in his new role as DITO Tel CEO,” Uy said.

He said Alberto’s appointment comes at an opportune as the company embarks on a high-growth trajectory.

“With the recent equity infusions at the DITO CME level and DITO Tel’s signing of the $3.9-billion long-term project finance facility, we have further confidence in DITO CME and DITO Tel achieving their business plan targets at the soonest possible time,” Uy said.

The company said the proceeds would be used to extinguish short-term bridge loan facilities totaling $1.3 billion, with the balance to pay contractors and fund the continuing network rollout of DITO Tel.

It said this would further improve the quality of access and user experience and accelerate the take-up of its FWA 5G and mobile postpaid product offerings.

DITO allotted P27 billion for 2023 capital expenditures, lower than last year’s P50 billion.

DITO CME earlier booked a net loss of P11.24 billion in 2022 on high operating expenses of its telecom business.

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