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Tech firm to conduct rights offer, venture into cargo management
Listed Island Information and Technology Inc. is undertaking a stock rights offering to shareholders in line with its plan to engage in cargo management and integrated logistics services.
In its quarterly report to the stock exchange, IS said it will offer stockholders five shares for every two owned on record date, which has yet to be announced.
The technology firm has tapped Abacus Capital and Investment Corp. as underwriter for the rights offer.
The company did not disclose the details of the offer but said that it has submitted related documents to regulators.
IS said it has signed a deal to invest P117 million in Admiral Container Depot Inc., which currently operates a container yard depot at the Manila North Harbor.
IS will buy up to 116.67 million shares in Admiral Container for P1 each.
For the quarter November 2007 to January 2008, the company said it realized a net loss of P529,691, mainly due to the cessation of its services to Cypress Manufacturing Corp., where the company generated its major service income.
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