SHAREHOLDERS of ISM Communications Corp. on Thursday approved the share-swap agreement between the company and Dennis Uy’s holding firm Udenna Corp.
The deal involves the issuance of 24.05 billion ISM shares for the 2 billion shares of Udenna being held by Uy and wife Cherlyn in exchange for 100-percent stake in Uy’s firm.
ISM will now be renamed Udenna Corp. The company is also increasing its authorized capital stock to P75 billion consisting of 75 billion common shares, from the previous P2.8 billion at 2.8 billion common shares.
These new ISM shares are being issued at P3 per share.
“Also, minority shareholders unanimously approved the waiver of the requirement to conduct a rights offer required under Part A Article V of the PSE Listing Rules,” the company said.
“The company will proceed to file its application with the Securities and Exchange Commission [SEC] for the approval of the amendments to its articles of incorporation and the listing application with the Exchange,” it added.
Udenna is the holding company of Uy’s businesses including his distribution and retail of petroleum products and lubricants under the Phoenix brand. It is also engaged in shipping and logistics through its wholly owned subsidiary, Chelsea Logistics Holdings Corp.
“The continued expansion of the group in the recent years has allowed Udenna to grow exponentially and diversify its business portfolio to include real estate and property development, education, leisure, gaming, and tourism and infrastructure,” it said earlier.
ISM, a company once led by businessman Roberto Ongpin, was originally a mining company incorporated in March 1925, under the name Itogon-Suyoc Mines Inc. In the early 2000s, ISM was transformed to a company engaged in information technology, multimedia telecommunications and other similar industries. On November 11, 2016, the approved amendment of the articles of incorporation of ISM aims to reflect its primary purpose as a holding company.