ISM to Udenna Holdings to Dito CME
Credit to Author: Emeterio SD. Perez| Date: Thu, 31 Oct 2019 17:02:25 +0000
ISM Communications Corp. will soon be known as Dito CME Holdings Corp. by amending its charter, among other items, in its annual meeting’s agenda, according to the company’s definitive information statement (DIS).
At the same time, ISM Communications said it will also change its office address to 21st Floor Udenna Tower, Rizal Drive corner 4th Avenue, Bonifacio Global City, Taguig City. More importantly, it will increase its authorized capital stock to 12 billion from 2.8 billion common shares with par value of P1 per share.
On Oct. 18, 2018, ISM Communications proposed in its DIS an amendment to its charter, increasing its authorized capital to P75 billion from P2.8 billion with the same P1 per share par value. On the same date, it also amended its Articles of Incorporation “to change the corporate name of ISM to Udenna Holdings Corp.” The board-approved amendments also intended the issuance of 24,058,105,850 ISM shares to the shareholders of Udenna Corp.
On June 3, 2019, the board also agreed to the approval of executing agreements for the purchase of the company’s 841,145,107 treasury shares.
In the same DIS under acquisition/disposition of property, the board of ISM Communications similarly approved “the acquisition of 100 percent of the issued and outstanding common shares of Udenna Communications Media and Entertainment Corp. at the terms and conditions and consideration determined by the board of directors.”
On June 27, 2019, the board of ISM Communications terminated its “existing investment management account (IMA) with Security Bank Corp.-Trust Division and the transfer of all its funds in its existing IMA to its settlement account.”
Capital expansion The acquisition by ISM Communications of 841,945,107 treasury shares increased the company’s outstanding to 2.8 billion common shares from 1,958,054,893 common shares.
A public ownership report (POR) as of March 31, 2018 listed Monfortino Holdings Inc. as direct holder 282,825,395 ISM common shares, or 26.33 percent of 1,074,324,234 outstanding ISM common shares.
Of the outstanding, the ISM board directly and indirectly owned 400,548,475 common shares, or 37.28 percent. The public stockholders then held 673,775,759 ISM common shares, or 62.72 percent of outstanding.
As ISM’s public stockholders, their 62.72-percent ownership topped the company’s principal stockholder that owned only the equivalent of 26.33 percent.
With Dennis A. Uy as chairman, president and chief executive officer, ISM Communications listed Accion Common Development Fund SPC as direct holder of 841,945,107 ISM common shares, which, incidentally, is the same as the number of ISM-held treasury shares.
From their ownership of 62.72 percent of outstanding ISM common shares, the public stockholders’ holdings dropped to 792,495,123 common shares, or 28.30 percent of 2.8 billion outstanding ISM common shares but only in percentage equivalent.
In an amended general information sheet (GIS), PCD Nominee Corp. was top Filipino stockholder of ISM Communications. It is listed as holder of 920,288,198 ISM common shares, or 50.06 percent. It held for foreigners 32,161,435 ISM common shares, or 1.64 percent.
Dennison Holdings Corp. landed at number two next only to PCD Nominee. It was credited with 887,730,659 ISM common shares, or 45.13 percent.
Financials 1 Araneta Properties Inc. reported under stockholders’ equity P405,820,162 unaudited deficit in the third quarter against audited deficit of P379,756,761 as of Dec. 31, 2018. The company’s deficit included P25,063,400 that it said it lost in a nine-month period as of Sept. 30, 2019.
Financials 2 As of Sept. 30, 2019, Pacific Online Systems Corp. said in an unaudited consolidated financial filing that its retained earnings totaled P973,992,053, down from in a nine-month period from an audited financials of P1,199,822,935.
Financials 3 In a consolidated financial filing as of Sept. 30, 2019, DM Wenceslao and Associates Inc. reported retained earnings of P9,676,287,090, up from P8,141,450,177 as of Dec. 31, 2018. The unaudited financials included the company’s net income of P1,667,244,184 in the first nine months of 2019. From July 1 to Sept. 30, 2019, it reported net profit of P536,415,306.
Financials 4 Philippine Business Bank said it had surplus of P3,307,351,833 as of Sept. 30, 2019, up from P2,479,160,277 as of Dec. 31, 2018. It reported net profit of P446,610,139 in the third quarter of 2019.
Financials 5 As of Sept. 30, 2019, Grand Plaza Hotel Corp. reported P1,636,020,370 worth of treasury shares, which it said totaled 33,600,901. Due Diligencer’s computation resulted in each treasury share costing P49.69.