ISM Communications raises Eastern Telecom stake to 78%

MANILA, Philippines- ISM Communications Corp., a telecommunications company controlled by former trade minister Roberto Ongpin, on Thursday disclosed that it bought additional 10.2 percent of Eastern Telecommunications Philippines Inc. from the government for almost P104.1 million. The purchased shares were sequestered by the government through the Presidential Commission on Good Government. With the purchase of 2.652 million class "A" shares, ISM said it now controls about 77.7 percent of Eastern Telecommunications. In October last year, ISM also announced that bought 9.8 percent of Eastern Telecommunications from Smart Communications Inc., for P100 million. Smart is a subsidiary of telecommunications giant Philippine Long Distance Telephone Co. - GMANews.TV