<article>Listed Philippine holding firm <a style="color: #000080;" href="http://www.ismcorp.com.ph" target="_blank">ISM Communications Corp (ISM)</a> is seeking to raise fresh capital of up to $7.5 million through an upcoming sale of shares next month.</article>

Listed Philippine holding firm <a style="color: #000080;" href="http://www.ismcorp.com.ph" target="_blank">ISM Communications Corp (ISM)</a> is seeking to raise fresh capital of up to $7.5 million through an upcoming sale of shares next month.
ISM earlier disclosed its board of directors approved the sale of 358,108,078 treasury shares to its existing shareholders at a ratio of 1:2, priced at P1.00 per share, which is equivalent to the par value of ISM&#8217;s common shares.
The company said it intends to increase its cash reserves in preparation for certain investment opportunities, currently being evaluated by management.
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&#8220;The sale of these shares will also provide ISM the opportunity to track down its dormant shareholders as part of its corporate housekeeping activities, and improve the liquidity of the tradable shares,&#8221; ISM said in its statement.
Record date of the sale is set on February 5, while its offer period shall be on February 9 and will end on March 1. However, the company is allowed to extend or terminate the offer period.
The cross date for the sale offer is on March 8, while the settlement date or delivery and transfer of shares and release of check on refund shall be on March 11.
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Philippine Equity Partners Inc was tapped as transaction broker.
ISM is owned by Monfortino Holdings Inc and its funds managed by Ashmore Investment Management Limited, a subsidiary of the Ashmore Group plc, as well as other strategic partners.
ISM&#8217;s last trading price increased 5.93 per cent or P0.080 to close at P1.43.
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Listed Philippine holding firm ISM Communications Corp (ISM) is seeking to raise fresh capital of up to $7.5 million through an upcoming sale of shares next month.

Philippines: ISM Communications targets raising $7.5m via share sale

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Philippines: ISM Communications targets raising $7.5m via share sale

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