Ultra bilyonaryo couple Dennis Anthony and Grace Uy have bought out the remaining shares of their biggest foreign investor, Coherent Cloud Investments, an affiliate of private equity fund Warburg Pincus.
In a disclosure, Dennis and Grace shelled out P1.392 billion each to purchase a combined 222.757 million shares or 3.07 percent of Converge ICT (CNVRG) on October 17.
The two paid P12.50 each share or half of the P25 per share their company paid in the buyback of Coherent Cloud’s 288.7 million CNVRG shares five months ago.
Grace and I have purchased the remaining over 220 million Converge shares from Warburg Dennis said: “We are strongly confident about the company’s fundamental values and prospects, which we believe are not reflected in the current trend of the stock price.
We continue with our mission of bridging the country’s digital divide and we believe that we remain well-positioned to provide Filipinos with world-class broadband services with our expansive digital infrastructure and innovative products.”
The acquisition will jack up their stake in CNVRG, held through Comclark Network and Technology, to 69.09 percent or 5.02 billion shares with a market value of P62.8 billion.
CNVRG plummeted to an all-time low of P12 last week, 28 percent below its initial public offering price of P16.80 in October 2020.
Investors have fled the stock since the 365-day lock-up period on Warburg Pincus’ stake expired in October 2021 when it peaked at P43.87.