A GROUP led by former Trade Minister Roberto Ongpinon Wednesday said it has completed the acquisitiøn of majority shares in Philippine Bank of Communications (PBCom.).
In a disclosure to the Philippine Stock Exchange (PSE), ISM Communications Corp. said the three major shareholders of PBCom—the Chung, Luy and Nubla families—had signed the memorandum of agreement with the company for the 97.28 percent shares of the bank for P4.8 billion.
The company said the transaction would require regulatory approvals.
PBCom sold its stake in compliance with the terms of a P7.6-billion financial assistance extended by Philippine Depository Insurance Corp. in 2004.
The bank has 64 branches nationwide.
In a special board meeting, Ongpin was elected as the new PBCom chairman while ISM president Eric Recto was elected vice chairman.
Earlier, ISM sold its 100 percent ownership in AGN Philippines Inc. (AGNP), the owner of Eastern Telecommunications Phils. Inc (ETPI) to Vega Telecom Inc. for P1.6 billion.
AGNP is the registered and beneficial owner of about 40 percent of ETPI.
The telco firm also plans to sell its 37.7 percent shares in ETPI with a book value of P1.14 billion.
The company earned a P250 million profit for the sale of its stake in ETPI to Vega Telecom.
ISM’s shares in ETPI stood at 77.7 percent. While, the remaining 22 percent is owned by the Africa family, which is partly claimed by the government.
ISM shares went up to P3.83 on Wednesday from P3.70 apiece on Tuesday, while PBCom shares rose to P79 from P66 each.