Dennis Anthony Uy uses up all of Converge’s IPO funds after pouring P2B investments in Q3
Technology

Dennis Anthony Uy uses up all of Converge’s IPO funds after pouring P2B investments in Q3

Converge Information and Communications Technology Solutions Inc. (CNVRG) of bilyonaryo Dennis Anthony Uy has used up all of the P7.7 billion net proceeds from its initial public offering in the third quarter of 2021.

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In a report to the Philippine Stock Exchange, CNVRG spent the remaining P2.029 billion in capital expenditures and corporate expenses from July to September 2021.

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Converge raised P25.214 billion from its IPO in October 2020 – P17.136 billion went to Uy and other stockholders and P8.078 billion went to CNVRG.

 

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