Dennis Uy’s spouse steps down as DITO CME treasurer

Cherylyn Uy resigned as treasurer of DITO CME Holdings, but remains a company director. Photo from Udenna Group website

MANILA, Philippines — DITO CME Holdings Corp. saw a change in management lineup, including the resignation of Davao City-based founder Dennis Uy’s wife, as it is set to finalize a deal that will significantly shake up ownership structure.

In a disclosure on Friday, the operator of the country’s third telco player announced that Cherylyn Uy tendered her resignation as treasurer effective April 3 because of personal reasons.

Kim Jay Villamar is her replacement, but Uy will still be a director.

At the same time, Raouf Kizilbash stepped down as a director also due to personal reasons. Chun Lam Chan is now serving the remainder of Kizilbash’s term.

DITO recently received the approval from the Philippine Competition Commission for the acquisition of additional 9 billion shares by Singaporean firm Summit Telco Corp. Pte. Ltd. in the listed company.

This transaction is seen to beef up Summit Telco’s stake in DITO and make it the single-largest shareholder.