Converge ICT Solutions Inc. said over the weekend it raised P10 billion from the sale of retail bonds whose proceeds will be used to fund network expansion nationwide.
Converge ICT co-founder and chief executive Dennis Anthony Uy said the P10 billion would be used to fund future key projects aimed at enhancing the country’s shift to a digital economy.
“With the strong support we’ve received from investors, we are confident of expanding our network further to connect the unserved and underserved Filipinos with our pure fiber broadband,” Uy said.
This is the first time for the leading fiber broadband provider to tap the domestic bond market to support business plans and expansion, 18 months after the initial public offering of its shares in the Philippine Stock Exchange.
“The success of our maiden bond issuance is a boon for us, as it signaled strong investor confidence on the sustained robust growth of the company,” said Converge ICT co-founder and president Maria Grace Uy.
