Shareholders gave their nod to ISM Communications Corp.’s share swap deal with Dennis Uy, paving the way for the backdoor listing of the businessman’s holding company Udenna Corp.
Udenna’s assets span logistics, energy, education and gaming.
Under the deal, ISM will issue 24 billion shares to Udenna’s main shareholders in exchange for two billion Udenna shares. The new ISM shares to be issued are valued at P3 each.
ISM shareholders also approved the increase in its capital to P75 billion, consisting of 75 billion common shares with a par value of P1 apiece.
To reflect the change in its ownership, ISM will be renamed Udenna Holdings Corp.
Udenna is in the business of distribution and retail of petroleum products and lubricants under the Phoenix brand and is engaged in shipping and logistics through its wholly owned subsidiary, Chelsea Logistics Holdings Corp.