Businessman Dennis Uy is seeking the approval of shareholders of ISM Communications Corp. to change its corporate name to Dito CME Holdings Corp., fueling speculations of a backdoor listing.
ISM said in a filing with the stock exchange it would seek shareholders approval to change its corporate name to Dito CME Holdings Corp. and increase its authorized capital stock to P12 billion from P2.8 billion.
“The change in the corporate name is made to reflect the appropriate name for the corporation’s intended subsidiaries,” ISM said.
ISM will also seek shareholders approval to grant the board of directors authority to issue shares via equity offering, private placement or similar transactions under the terms and conditions to be determined by the board.
“The rationale is to provide the corporation flexibility in the issuance of shares in order to accommodate the relevant capital expenditures and for general corporate purposes,” it said.