Converge ICT Solutions Inc. on Wednesday announced a cash dividend payment for shareholders, its first since its debut at the stock market and ahead of the target 2025 schedule.
“We are really thankful to all shareholders who have believed in our mission to provide world-class connectivity services to the Filipino people,” DennisAnthony Uy, Converge chief executive and co-founder said.
“We are committed to ensuring that we deliver value to our shareholders as we continue to improve our performance,” he added.
Under its dividend policy, the company’s board has sole discretion in determining the amount, type, and date of payment of dividends to the shareholders.
The company’s board may, at any time, modify this dividend policy, including the dividend payout ratio.
“With the continued strength of the earnings growth and operating cash flow generation at Converge, we remain well positioned to support the dividend policy going forward,” Maria Grace Uy, Converge president and co-founder said.
Following its robust performance in the first half this year and having considered future cash requirements for expansion and growth, Converge also declared a special cash dividend of P1.31 billion or P0.18 per share to all outstanding common shareholders on record as of 24 September 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 10 October 2024 to stockholders on record as of 24 September 2024.
The company has seen strong growth of its residential offerings in the first six months this year, led by the resurgence of its flagship FiberX product and sustained demand for its mass market fiber offerings, Surf2Sawa and BIDA Fiber.
Converge earlier reported consolidated revenue of P19.5 billion and net income of P5.3 billion in the first half of 2024.
