Dennis Uy to become part owner of ISM Communications
Bilyonaryo Roberto V. Ongpin and Davao-based businessman Dennis Uy appear to be getting chummy.
Ongpin, who was tagged as one of the oligarchs President Duterte wanted to take down, seems to have struck a strategic partnership with Uy, a major donor to the President’s campaign.
Uy, an ally of Duterte, is investing in ISM Communications Corp.’s private placement which is expected to raise at least P1.28 billion for the company. This follows his appointment as director in Ongpin’s property firm Alphaland Corp.
Early this month, Uy was named vice chairman of Atok Big Wedge & Co. Inc., a listed mining firm also owned by Ongpin,.
ISM’s board also approved the issuance of 841.945 million Treasury shares to fund investment opportunities.
Analysts see the entry of Uy in the three Ongpin-led corporations as beneficial to the former trade minister, who has gotten the ire of Duterte.
Rumors have it that Uy and the Ongpin Group are interested in becoming the third telco player in the country.