ISM wants control of Eastern Telecom

23 Aug 2005

Filipino company ISM Communications Corp is currently in talks to acquire control of local telco Eastern Telecommunications Philippines (ETPI). ISM has been in negotiations to buy a 40% stake in ETPI from Australian Gigahertz Network International Pty (AGNI) for several months; last month it acquired a 17.7% stake from Aerocom Investors and Managers Inc through a swap of 6.82 billion ISM shares. ISM plans to fund the purchase of AGNI’s stake from a private placement that it hopes will raise around USD8.2 million.