Dennis Uy to buy 45% of ISM
Dennison Holdings Corp. of Davao-based businessman Dennis Uy is acquiring 45.13 percent of ISM Communications Corp. for P1.28 billion.
In a filing with regulators, ISM said its board approved the subscription by Dennison Holdings to all of the company’s 883.73 million unissued shares at P1.45 each.
ISM said Dennison would pay 25 percent of the transaction price upon subscription and the balance of 75 percent would be settled no later than the end of the year.
In an earlier disclosure to the stock exchange, ISM said it would use proceeds from the share issuance to pursue specific investment opportunities. The company was earlier rumored to join the third telco race.
ISM’s primary asset is its 32 percent stake in German technology firm Acentic GmbH, which provides in-room entertainment services for hotels, serviced apartments and healthcare facilities.
Uy recently joined the board of directors of bilyonaryo Roberto V. Ongpin’s upscale property firm Alphaland Corp. He was also appointed as vice chairman of Atok Big Wedge & Co. Inc., a listed mining firm also owned by the former trade minister.