Dennis Anthony Uy sets aside P7.9B bond proceeds for continued expansion of Converge’s fiber network

Converge ICT Solutions Inc. will use P7.88 billion from the net proceeds of its maiden bond issue last April for its expansion initiatives this year.

The fiber internet provider raised P10 billion from its first ever bond offer, representing the first tranche of its P20 billion shelf registration program.

Of the P10 billion, P7.88 billion has been allocated by bilyonaryo Dennis Anthony Uy’ Converge for capital expenditures. Converge had already disbursed P153 billion in the second quarter.

Converge plans to spend P26 billion to P28 billion for the continued expansion of its network infrastructure and the deployment of additional fiber to home ports nationwide.

The money will also be used for investments in international subsea cables and enhancement of IT systems.

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