Singapore-based fund Accion Common Development Fund is buying 30 percent of holding firm ISM Communications by acquiring all of the latter’s treasury-held shares for P1.22 billion.
In a disclosure to the Philippine Stock Exchange, ISM said its executive committee had approved Accion’s purchase of the company’s 841.94 million treasury shares at P1.45 per share.
A quarter of the price tag is payable upon purchase, which is expected to be consummated before end-September, while the balance is payable before the end of this year.
Once completed, Accion— a special purpose company owned, controlled and managed by Accion Management Pte. Ltd. —will own 30.07 percent of ISM.
Based on its website, Accion invests in growth, mature or near mature companies that: Possess strong fundamentals, competitive advantages, sustainable and expandable business; has potential to be the leader or one of the leaders in its region or product area; are cash flow generative and have focused management team with well-defined business plans, aligned interests, integrity and track record.—DORIS DUMLAO-ABADILLA