Dennis Uy investing in ISM via private placement

MANILA, Philippines — Davao-based businessman Dennis Uy is investing in ISM Communications Corp. by subscribing to the company’s shares through a private placement.

ISM plans to raise at least P2.5 billion from the issuance of 841.9 million Treasury shares and 883.7 million unissued shares of its authorized capital stock.

The company’s board of directors approved the share sale in its meeting yesterday.

The shares will be sold at a minimum price of P1.45 per share, which is equivalent to a 20 percent discount to the 60-day volume weighted average price of ISM.

“One of the investors who has committed to participate in the private placement is Dennis A. Uy, the founder of the Udenna Group of Companies. ISM intends to use the proceeds of this issuance to fund the investment opportunities currently being pursued by management,” ISM said.

 Sought for comment, Uy confirmed his plan to invest in ISM,  saying there are opportunities without elaborating.

ISM was originally a mining company incorporated in March 1925 under the name Itogon-Suyoc Mines Inc. In the early 2000s, ISM was transformed into a company engaged in information technology, multimedia telecommunications, and other similar industries.

On Nov. 11, 2016, the Securities and Exchange Commission approved the amendment of the articles of incorporation of ISM to reflect its primary purpose as a holding company.

At present, ISM owns 32 percent of Acentic GmbH (Acentic), a German provider of internet connectivity and inter-room entertainment solutions for the hospitality industry. The company likewise owns a 37.1 percent stake in the Philippine Bank of Communications.