ISM to join consortium in acquiring European IT firm

Listed ISM Communications Corp. wants to participate in a consortium that will acquire up to 100% of an information technology firm based in Europe.

In a disclosure to the Philippine Stock exchange, the company said its board has given the go signal to negotiate and conclude an agreement with the consortium that will own the foreign IT firm engaged in the business of providing in-room guest entertainment services for the hotel industry.

For investments in IT-related opportunities, ISM said it will utilize funds raised in its recently concluded P655-million stock rights offering and the $10 million private placement of the Ashmore Group in 2007 as well as the remaining P91.7 million proceeds of its P300-million stock rights offering undertaken the same year.

Earlier, ISM chairman Roberto Ongpin said the company is financially liquid. "ISM now sits on a pile of money. We have P1.2 billion in retained earnings. We are looking at a number of very important investment opportunities in the ICT (information and communications technology) arena," said Ongpin at the company's annual meeting last May.

These possible investments include an international stock trading mobile applications provider and a media technology service provider. Both companies have successful track records and have significant technological innovations that can be leveraged into a critical first-mover status in the country, said Ongpin.

ISM's principal asset is Eastern Telecommunications, the country's oldest phone company.

In 2008, ISM recorded P301.1 million in net income, of which Eastern Telecom contributed P120.4 million.

PSE, Thomson Reuters ink accord on Makati eBoard

The Philippine Stock Exchange and Thomson Reuters signed a memorandum of agreement to redo the Makati eBoard located at the Insular Life building at the corner Ayala Avenue and Paseo de Roxas.

Under the agreement, Thomson Reuters will have the exclusive right to publish real-time market prices, news and summaries on the electronic display board in Makati City.

“The PSE continues to seek effective ways to raise its investor base to a significant share of the population. We partnered with Thomson Reuters for a more dynamic form of communicating with the investing community to deliver a stronger, more visual message that the stock market is a viable alternative especially during these difficult times,” Francis Lim, PSE president said.

He added that “information and technology play crucial roles in investment decisions and we are improving on both these respect to help the market and its industry players make more prudent and accurate calls.”

News feeds of Thomson Reuters will be seen at the electronic screen from 6 in the morning until 12 am starting on August 19, 2009.

Thomson Reuters Philippines managing director Rainer Fuchsluger said “the financial landscape is constantly transforming. That’s why market professionals need reliable insight to feel confident in their trading and investment decision making.”

He added that Thompson Reuters and the PSE are mutually exploring future investor relations and education programs that will strengthen the local stock market going forward.