ISM Communications Corp. is being groomed as the listed telecommunication company of businessman Dennis Uy.
ISM president Dennis Uy during the annual stockholders’ meeting said ISM, to be renamed Dito CME Holdings Inc., would become the Udenna Group’s corporate vehicle owning a 60-percent equity in DITO Telecommunity, the country’s third telecommunications player.
Uy said Dito CME Holdings would also invest in other related businesses with synergies with Udenna Corp., the unlisted holding company of Uy.
“Dito CME will be focused on investments in telecom venture. The asset planned to be injected by Udenna will be its investment in telco business. We think think this will present better value to current and prospective ISM shareholders,” Uy said.
Uy expects the asset injection to be completed by mid-2020, subject to regulatory approvals.
The corporate structure of ISM after the asset injection was also finalized.