MANILA - Davao-based businessman Dennis Uy has bought 45 percent of listed firm ISM Communications Corp, the company said in a disclosure to the stock exchange Thursday.

ISM said its executive committee approved the purchase by Uy’s Dennison Holdings Corp of 883.73 million unissued common shares valued at P1.28 billion.

ISM used to control minor telco player Eastern Telecommunications Philippines Inc before selling its shares in the firm to San Miguel Corp in 2011.

Uy's stake in ISM has given rise to speculations that he is eyeing a role in the third major telco player.

But Ramon Kabigting, head of research at Papa Securities, cast doubt on this as the money involved is much less than what the third telco is expected to need to set up shop.

"That's a nice hefty package, the first purchase that he made. But I don't think it indicates the amount of capital that the 3rd player really needs to be burning over the next few years," Kabigting said.

"If people are looking at Mr. Uy to come in and play the 3rd (telco) player role, I think we are going to have to wait a little more."

Uy has become one of the country's most prolific dealmakers since President Rodrigo Duterte assumed power in 2016.

Some of his recent deals in logistics companies however have been flagged by the country's anti-trust watchdog.

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