Corporate History

Itogon-Suyoc Mines, Inc. (“ISM” later renamed ISM Communications Corporation) was incorporated to engage in the mining business.

The Board and Stockholders of ISM approved an agreement between the Company and PhilWeb Corporation for the latter to manage the transformation of ISM from a mining company to a company engaged in information technology, multimedia telecommunications, and other similar industries.

The Stockholders of ISM approved a Restructuring Plan for the company, which involved the change in its corporate name to ISM Communications Corporation and a change in its primary purpose.

The Philippine Securities and Exchange Commission (SEC) approved ISM’s Restructuring Plan.

In accordance with the Restructuring Plan, ISM ceased its mining operations and assigned all of its rights over  to its two mining properties (“Sangilo” and “Suyoc”) to Itogon-Suyoc Resources, Inc.

ISM acquired 17.7% of Eastern Telecommunications from Aerocom Investors & Managers, Inc. in exchange
for 6,816,761,093 new shares of ISM with par value of Php 0.01 per share.

ISM acquired an additional 40% of Eastern Telecommunications, through its’ acquisition of A.G.N. Philippines, Inc., a subsidiary of Australian Gigahertz Network International Pty Ltd.

The SEC approved the increase in authorized capital of ISM from Php 300 million divided into 30,000,000,000 shares with par value of Php 0.01 per share to Php 1.2 billion divided into 120,000,000,000 shares at the same par value.

ISM purchased 9.8% of Eastern Telecommunications’ total outstanding shares from Smart Communications, Inc.

ISM purchased 10.2% of Eastern Telecommunications’ total outstanding shares from the Republic of the Philippines, through the Privatization and Management Office, this brought ISM’s total holdings in Eastern Communications’ to 77.69%.

The SEC approved the increase in the authorized capital of the Company from Php 1.2 Billion divided
into 120,000,000,000 shares at a par value of Php 0.01 per share to Php 1.8 Billion divided
into 180,000,000,000 shares with a par value of Php 0.01 per share.

ISM and PhilWeb Corporation invested equally in a Hong Kong-based company, Host Union International Limited, which in turn purchased sixty-five percent (65%) of Acentic Gmbh for Euro 19.5 Million or approximately Php 1.3 Billion Pesos.

ISM sells it’s Eastern Telecommunications stake to San Miguel Corporation.