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INFORMATION technology firm, ISM Communications Corp.,
on Tuesday said it will raise approximately P655 million
from the planned stock rights offering to finance its
expansion to the telecommunications and information
technology industries this year.
In a
statement, the board approved to offer shareholders one
share for every five shares owned at a price of P0.026
each, the median price of the company’s shares at the
local bourse during the last 10 trading days.
“ISM
intends to use the funds to be raised in the rights
offering to take advantage of certain IT-related
business opportunities it is presently negotiating. This
is in line with the company’s thrust to grow its
portfolio of investments in the telecommunications and
information technology industries,” it said.
ISM
affiliates Ashmore Funds and PhilWeb Corp., a
publicly-listed Internet gaming firm, have committed to
subscribe to the rights offer.
At
present, Ashmore Funds owns approximately 31.2 percent
of ISM, while PhilWeb accounts for 17.64 percent.
“Ashmore
Funds and PhilWeb also committed to take up any
unsubscribed shares of the offering. Thus, there is
assurance that the entire rights offer will be fully
taken up,” added ISM.
ISM’s
board called for a special stockholders’ meeting on
August 4 last year to ratify and approve the offer.
At
present, ISM holds approximately 77.7 percent of the
outstanding capital stock of Eastern Communications
Philippines, Inc., the country’s oldest
telecommunications company. |
