Converge upsizes Share Buyback Program by P5 billion to drive shareholder value

Leading Philippine fiber internet and technology provider Converge ICT Solutions Inc. (PSE: CNVRG) today announced an expansion of its Share Buyback Program, adding P5.0 billion in funding to further enhance shareholder value.

The company’s Board of Directors approved on Tuesday the additional funding to the Share Buyback Program of the outstanding shares of Converge.

Converge Chief Finance Officer Robert Leo Yu said the increased allocation would not affect the company’s operations and planned capital expenditures, including network expansion in the Visayas and Mindanao.

“This P5 billion expansion of our Share Buyback Program is a testament to the Board's strong conviction in our fundamental value and our commitment to maximizing returns for our investors,” said Yu. “Our healthy balance sheet allows us to opportunistically repurchase shares while continuing to invest heavily in our nationwide fiber infrastructure and future growth.”

The timing and actual number of shares to be repurchased will depend on prevailing market conditions, trading volume, and other strategic factors, in accordance with applicable securities laws and regulations.

The company will provide timely updates through the Philippine Stock Exchange on transactions under the buyback program.