ISM Communications Corp. is set to transform into the listed vehicle for businessman Dennis Uy’s Udenna Corp., whose assets span logistics, energy, education and gaming.
ISM said in a filing that its board approved the increase in its capitalization to accommodate Udenna assets. It also plans to change its corporate name to Udenna Holdings Corp.
Specifically, ISM said its authorized capital of P2.8 billion would increase to P75 billion, comprised of 75 billion common shares with a par value of P1 each.
The board also approved the issuance of 24 billion shares to Udenna’s main shareholders Dennis A. Uy and Cherylyn C. Uy in exchange for two billion Udenna shares. The new ISM shares are being issued at P3 each.
Udenna is in the business of distribution and retail of petroleum products and lubricants under the Phoenix brand and is engaged in shipping and logistics through its wholly owned subsidiary, Chelsea Logistics Holdings Corp.
Last year, Udenna announced the acquisition of a company that holds 177 hectares of land in the Clark Freeport Zone, whose international airport the Duterte administration is expanding. It announced a deal to buy the FamilyMart convenience store chain in the Philippines.
Other deals this year included a stake in listed logistics giant 2GO Group Inc., liquified petroleum gas retailer Petronas Energy Philippines Inc. and Enderun Colleges Inc., which focuses on the hospitality and culinary sectors.
Udenna also started work last year on The Emerald Resort Hotel and Casino on Mactan Island, Cebu. More recently, Udenna acquired 70 percent of Conti’s Holdings Corp., which operates a popular chain of bakeries and restaurants. —MIGUEL R. CAMUS