Dennis Uy investing 45.13% stake in ISM Communications Corp.

MANILA, Philippines — Businessman Dennis Uy’s investment in ISM Communications Corp. is pushing through.

Publicly listed ISM told the local bourse yesterday that its executive committee approved the subscription by Dennison Holdings Corp. to all of the company’s unissued common shares at a subscription price of P1.45 per share or a total of P1.28 billion.

Dennison is a domestic company beneficially owned and controlled by Uy.

According to ISM, the shares subscribed by Dennison is equivalent to 45.13 percent of the resulting outstanding capital stock of the company.

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.