Converge commits P8Bn for network expansion
Internet provider Converge ICT Solutions Inc. is allocating nearly P7.88 billion (US$140 million) from its net proceeds in a bond issuance for capital expenditures to boost its network reach in the Philippines.
In a disclosure to the Philippine Stock Exchange, Converge reported that net proceeds from the fixed-rate bonds it issued in April amounted to P9.85 billion (US$175 million).
Converge announced yesterday that it received the Ookla Speedtest Award for Top-Rated Fixed Network in the Philippines for the first half.
Converge CEO and co-founder Dennis Anthony Uy said the recognition proves that the firm is treading the right direction as an Internet provider.
“Being the people’s choice of network means we are directing effort and investments in the right place. There’s nothing more important than giving people the service they deserve. I’m glad this is reflected in the top ISP ratings,” Uy stated.
Converge, with a domestic network of at least 103,000 kilometers and a consumer reach of up to 10.9 million homes, eyes to spend up to P28 billion (US$497 million) mostly to strengthen its backbone infrastructure, particularly international subsea cables and information technology systems.
