Island Information & Technology Inc. is eyeing to raise P122.14 million through a proposed stock rights offering.
In a disclosure to the Philippine Stock Exchange, Island said its board approved the sale of 12.214 billion common shares to shareholders at one centavo per share.
Entitled to participate in the offer are shareholders of record as of Dec. 20, 2007, or as of such later date as the board of directors may set, provided that it shall not be less than 15 trading days from approval of the company’s listing application.
Shareholders owning at least 40,000 common shares can subscribe to two and a half shares for every one share held on record date.
Stockholders who wish to subscribe should indicate, during the first round of the offering, their intention to avail of additional shares in proportion to their stockholdings and simultaneously tender payment for such additional shares.
In the same meeting, the company’s board approved a resolution authorizing the company to accept the offer of Golden Tower Securities and Holdings Inc. to subscribe to any and all shares which remain unsubscribed after the second round of the offering.
The company was originally incorporated in 1959 as Island Oil Co. to primarily engage in oil exploration and mineral development projects. Due to losses incurred, the management decided to shift its oil exploration activities to metal mining in the province of Isabela, thus changing its name to Island Mining & Industrial Corp. on Jan. 20, 1965.
On Sept. 11, 2000, the Securities and Exchange Commission approved another change in the company’s corporate name to its present name, and the change in its primary purpose to that of an Internet technology and telecommunications company.
The company is currently concentrating on the development of computer hardware, software and other related business activities. It has accepted orders from Cypress Manufacturing (Phils.) Ltd. for the supply of services for Cypress’ computers and communication facilities.