By: RBCAMO RevDev
ISM Communications Corporation (“ISM”) is a listed Philippine holding company.
ISM is led by its Chairman, Mr. Eric O. Recto. It is owned by Monfortino Holdings, Inc., funds managed by Ashmore Investment Management Limited (a subsidiary of the Ashmore Group plc) as well as other strategic partners.
After its reorganization in June 2002, it has trained its sights on outstanding opportunities in the deregulated telecommunications and the information technology sectors
In July 2005, ISM acquired a substantial stake in Eastern Telecommunications Philippines, Inc. (“Eastern Communications”), the oldest existing telecommunications provider in the Philippines with a particular focus in providing voice, data and internet services. Since then, ISM has since increased its stake in Eastern Communications to a controlling super-majority of 77.7%. Under ISM’s management and control, Eastern Communications executed a dramatic financial turnaround. Having been in the red for six years running, Eastern Communications returned to profitability in just 18 months after ISM’s takeover.
In January 2010, ISM and PhilWeb Corporation equally invested in purchasing a 65% stake in Acentic GmbH, an international market leader in the provision of hotel in-room entertainment systems and services based in Germany and the United Kingdom.
In December 2010, ISM sold a 40% stake in Eastern Communications to Vega Telecom of the San Miguel group.
In October 2011, ISM completed its divestment in ETPI and shifted its focus on other industries.
In December 2011, ISM led a group of investors in completing the acquisition of a 97% controlling stake in the Philippine Bank of Communications.
True to its mandate, ISM is constantly analyzing other opportunities, and is equipped with the financial resources to make significant investments for the benefit of its shareholders.
Udenna Corporation is one of constant growth. From its beginnings in the Philippines in March 2002, Udenna has developed into an extensive holding company that stands at the forefront of the Udenna Group of Companies, which is represented in multiple industries. The Phoenix brand, for example, serves as Udenna’s presence for the distribution and retail of petroleum products. In turn, Chelsea Logistics Holdings Corp. handles shipping and logistics. Udenna Development Corporation looks after the group’s real estate and property development, while Udenna Management & Resources is the centerpiece for environmental services, trading, and distribution. As Udenna continues its advancement in other industries such as education, leisure, gaming, tourism, and infrastructure, the group is clear in its purpose of pursuing the shared upliftment of the country and of Filipinos.
ISM and UDENNA Corporation Share-Swap
ISM Communications Corporations released the Information Statement for Annual Special Stockholders’ Meeting set on December 18, 2018 at the Manila Golf and Country Club, Forbes Park in Makati City.
The main agenda for this meeting for the confirmation and ratification of the shareholders is the proposed share-swap between ISM and the shareholders of Udenna Corporation (Udenna), namely: Dennis A. Uy, Mrs. Cherylyn C. Uy (“Uy Spouses”), and Silver Crescent Global Ltd. (“Silver Crescent”) and Elite First Investment Limited (“Elite”) (the Uy Spouses, Silver Crescent and Elite shall be collectively referred to as the “Udenna Shareholders”).
The ISM Shares subject of this share-swap will be issued from the increase in ISM’s authorized capital stock, also subject for confirmation by the shareholders in this meeting. The Uy Spouses are substantial shareholders of ISM thru their wholly-owned holding company, Dennison Holdings Corporation, and are also directors of ISM.
Mr. Dennis A. Uy or Mr. Leandro E. Abarquez is authorized to vote for the shares held by Dennison Holdings Corp. Mr. Eric O. Recto is authorized to vote for the shares held by Monfortino Holdings, In
Source:ISM/UDENNA CORPORATION/PESO ECONOMICS