MANILA, Philippines – Publicly listed ISM Communications Corp. is looking at acquiring four companies in the information and communications technology (ICT) sector.
While ISM officials refused to divulge these new investment prospects, it was learned that the first is an international stock trading mobile applications provider while the second is an international media technology services provider.
ISM chairman Roberto Ongpin said both companies have successful track records and have significant technological innovations that can be leveraged into a critical first mover status in the Philippines.
Ongpin also revealed that the company is putting on hold its dividend payout as it focuses on the acquisition of these two IT firms this year.
Meanwhile, ISM subsidiary Eastern Telecommunications Phils. disclosed that total capital expenditure for this year would amount to P993 million.
Of this amount, around P533 million was carried from last year, constituting unspent amounts in 2008.
“Therefore, it can be said that the total capital expenditure budget for 2009 (almost P1 billion) is double when compared to the actual capital expenditure in 2008 (less than P500 million),” company officials said.
Eastern president and chief operations officer Mario Locsin said at the annual stockholders meeting of ISM, that this year’s capex will be the last major undertaking after the completion of Eastern’s backhaul project.
Ongpin, for his part, noted that beyond Eastern, ISM has accelerated its focus on acquisition targets in the IT sector.
Eastern is laying down a 240-km fiber network to service industrial parks and economic zones in Tagaytay, Cavite, Laguna, and Batangas.