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ISM Communications Corp. on Thursday said it raised
its stake by a tenth in Eastern Telecommunications Philippines Inc.
(ETPI).
An affiliate of Internet gaming
firm Philweb Corp., ISM said it purchased about 10.2 percent of
ETPI’s outstanding capital stock for P104.09 million. With the
purchase, ISM now controls about 77.7 percent of the country’s
oldest telecom company.
ISM earlier concluded an
agreement to purchase shares of ETPI held by rival Smart
Communications Inc.
Last October, ISM bought the 2.5
million class “A” common shares or 9.8 percent of ETPI from
Smart for P100 million. In July of that year, ISM likewise purchased
17.7 percent of ETPI through a share swap agreement with one of the
latter’s shareholders, Aerocom Investors and Managers Inc.
The ISM board also had approved a
$10-million private placement by Ashmore Investment Management Ltd.
in the company.
Ashmore is major investment fund
based in the United Kingdom with funds under management of about $32
billion. It is a principal shareholder in ISM, with a 31.3 percent
stake.
The proceeds from the private
placement would be earmarked for further investments in ETPI and
related acquisitions in the information and communication
industries.
ISM used to be called
Itogon-Suyoc Mines Inc., before a restructuring in 2002 that shifted
the company’s focus to information technology, telecommunications,
multimedia and other related business lines.
--Darwin G. Amojelar
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