ISM sells 30% of shares for P1.22 billion

ISM Communications, Inc. is selling around 30% of its shares to a Singapore-based fund management firm for P1.22 billion, a few weeks after it sold a majority stake in the company to businessman Dennis A. Uy.
In a disclosure to the stock exchange on Tuesday, ISM said its executive committee has approved Accion Common Development Fund SPC’s purchase of 841.95 million treasury shares in the company at P1.45 apiece. This represents 30.07% of the company’s resulting outstanding capital.
The company said a fourth of the acquisition price will be paid upon purchase. ISM’s executive committee mandated that the sale and purchase documents be executed no later than the end of September. The remaining 75% will be paid by the end of the year. — Arra B. Francia