Ongpin firm signs purchase agreement to acquire PBCom

Ongpin-led ISM Communications Corp. has signed an agreement to purchase nearly the entire stake of troubled Philippine Bank of Communications. In separate statements to the Philippine Stock Exchange on Wednesday, PBCom and ISM said the memorandum of agreement had been signed between ISM and the three major shareholders of the bank: the Chung, Luy and Nubla groups. ISM will be paying P4.68 billion for the bank's 97.28 percent. ISM is led by former Trade Minister Roberto Ongpin. The Bank's sale was a requirement for the P7.6-billion assistance given by the Philippine Deposit Insurance Corp. in 2006. -- CMA/OMG, GMA News