MANILA, Philippines – The board of ISM Communications approved the name change of the company to Dito CME Holdings, a move which makes the company the publicly listed vehicle of Davao City tycoon Dennis Uy.
In a disclosure to the Philippine Stock Exchange on Tuesday, December 10, ISM also said its board approved the increased of its authorized capital stock from P2.8 billion to P40 billion.
ISM also fully acquired Uy's Udenna Communications Media and Entertainment Holdings.
"Udenna Communications Media and Entertainment Holdings Corporation is intended to be the parent entity that holds the Udenna group's shares in telecommunications, media, and entertainment businesses," ISM said.
Dito was awarded a permit to operate as the Philippines' 3rd major telecommunications player last July 8.
Bloomberg reported that the company could expand into other ventures like media and entertainment.
Uy's Udenna Corporation was supposed to pursue a backdoor listing through a share swap arrangement. However, the latest moves of ISM superseded the previous arrangement valued at over P72 billion.
Udenna has 6 major businesses: Phoenix Petroleum, Chelsea Logistics, Udenna Development, Udenna Infrastructure, Enderun, and PH Resorts.
ISM's stock price plummeted by 12.5% on Tuesday, which makes it the second biggest loser in the local bourse for the day. – Rappler.com