ISM Communications Corp. said it leads a group of investors that signed an agreement to buy 97.28 percent of Philippine Bank of Communications’ outstanding capital for P4.68 billion.
The shares will be purchased from the Chung, Luy and Nubla groups and the transaction is subject to regulatory approvals, ISM said in a disclosure to the stock exchange yesterday.
ISM said its chairman, Roberto Ongpin, will take the same position at PBCom. ISM President Eric Recto will be vice chairman and director, while
former Development Bank of the Philippines President Reynaldo David will be a director, it said.