ISM eyeing equity in group buying European IT firm

Listed ISM Communications Corp. is looking to be part of a group which is in talks to buy a European-based IT company engaged in services for the hotel industry. The consortium “will acquire up to 100 percent of a Europe-based IT company," ISM Communications Corp. said in a disclosure to the Philippine Stock Exchange (PSE). The IT company currently provides in-room guest entertainment services for the hotel industry, ISM added. ISM also secured approval to use funds worth P1.23 billion for its investments in IT-related activities. The funds were raised from two stock rights offering and the $10-million private placement of the Ashmore Group in 2007. In June, company officials said it is considering buying four companies in the information and communications technology sector. They refused to divulge details. - GMANews.TV