Converge ICT to buy back P6.5B worth of shares

Converge ICT Solutions Inc. is set to buy back up to P6.5 billion worth of shares from Coherent Cloud Investments, which currently has a 10.25-percent stake in the listed company. | TyronePiad /PDI

Following the transaction, Converge said its financial position would remain “well within its debt covenants, while capex plans continue to remain fully funded through its robust operational cash flow and existing debt facilities, including its recent P10-billion bond.” Capex for the year is set at P26 billion to P28 billion.

“A lot of companies have been buying back shares given that prices have been trading at a discount and Converge is no exception,” Regina Capital Development Corp. head of sales Luis Limlingan told the Inquirer. Warburg Pincus managing director Saurabh Agarwal will still be part of Converge’s board after the completion of the transactions.

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