ISM Communications Corp. said Thursday it successfully repurchased P1.82 billion worth of shares from the stock market.
ISM said in a tender offer report filed with the stock exchange a total of 1.412 billion shares were tendered by minority shareholders during the tender offer period.
ISM announced in November it would conduct a tender offer to buy back up to 1.2 billion common shares at an offer price of P1.52 apiece.
The tender offer, which ran from Dec. 15, 2014 to Jan. 23, 2015, aimed to enhance shareholder value. The tendered shares will be crossed on the stock exchange on Feb. 2 while settlement date was set on Feb. 5.
ISM said it would use excess and unallocated cash to finance the buyback program. Share price of ISM on Thursday settled at P1.56, down 0.64 percent from Wednesday’s close.
ISM sold 59.241 million common shares in Philippine Bank of Communications at P33 per share to raise as much as P1.95 billion in proceeds in August. The sale reduced ISM’s stake in PBCom to 1 percent from 21.38 percent.
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