Converge ICT Solutions Inc. announced a cash dividend, marking its first payout since its initial public offering (IPO) and exceeding its anticipated schedule of 2025.
“We are really thankful to all shareholders who have believed in our mission to provide world-class connectivity services to the Filipino people,” said Converge chief executive and co-founder Dennis Anthony Uy.
“We are committed to ensuring that we deliver value to our shareholders as we continue to improve our performance,” he said.
Following its robust performance in the first half of 2024 and having considered future cash requirements for expansion and growth, Converge also declared a special cash dividend amounting to P1.31 billion or P0.18 per share to all outstanding common shareholders of record as of Sept. 24, 2024, ahead of its 2025 target dividend declaration announced during its initial public offering (IPO) in October 2020.
The special cash dividend is payable on Oct. 10, 2024 to stockholders on record as of Sept. 24, 2024.
Meanwhile, the Department of Trade and Industry (DTI) also signed a memorandum of understanding (MOU) with Converge, aimed at bringing broadband connectivity to micro, small, and medium enterprises (MSMEs) across the Philippines.
Acting Trade Secretary Ma. Cristina Roque noted the vital role of connectivity for MSMEs, highlighting the DTI’s partnership with Converge to address the lack of internet access in remote areas.
“In far-flung areas, there’s often no internet. Our first priority is to get internet to those areas,” said Roque, citing the key roles of Converge in installing the necessary infrastructure in the underserved regions, enabling businesses to get online and thrive.
“When we discuss with businesses in the regions, their main concern is slow or no internet connection,” Roque said.
