Dennis Uy’s Udenna set to complete backdoor listing through ISM
ISM Communications Corp. is raising its capitalization to a whopping P75 billion from a meager P2.8 billion to facilitate the issuance of shares to its new controlling owner, Davao-based businessman Dennis Uy.
In a filing with the stock exchange, ISM said its board of directors approved the issuance of 24.058 billion shares to Udenna Corp.?s major shareholders ? Uy and his wife Cherylyn ? in exchange for two billion shares or 100 percent of Udenna.
The shares will be taken out of ISM?s increase in capital which will comprise 75 billion common shares with a par value of P1 per share.
Udenna is engaged in the business of distribution and retail of petroleum products and lubricants under the Phoenix brand. It is also has an interest in shipping and logistics through its wholly owned subsidiary, Chelsea Logistics Holdings Corp.
The group?s continued expansion in recent years allowed Udenna to grow exponentially and diversify its business portfolio to include real estate and property development, education, leisure, gaming and tourism and infrastructure.
With the impending takeover, ISM approved the change of its corporate name to ?Udenna Holdings Corporation?.
The capital increase and change in corporate name are subject to the approval of ISM?s shareholders in a meeting to be held on Dec.18 at the Manila Golf & Country Club.
ISM will file the necessary application with the Securities and Exchange Commission for the approved amendments of its articles of incorporation after obtaining the required shareholders? approval.