Singaporean fund buys 30% of ISM
Accion Common Development Fund SPC will acquire nearly a third of bilyonaryo Roberto V. Ongpin?s ISM Communications for P1.22 billion.
In a stock exchange filing, ISM said its executive committee approved the purchase by Accion of all of ISM?S 8412.94 million treasury shares at P1.45 per share.
Of the total purchase price of P1.22 billion, 25 percent is payable upon purchase while the remaining 75 percent shall be paid before the end of the year.
Accion is a special purpose company owned and managed by Accion
Management Pte. Ltd., a registered fund management company based in Singapore.