CONVERGE ICT Solutions Inc. has increased the size of the firm’s share buyback program by P5 billion as it seeks to boost shareholder returns while continuing to fund its expansion plans.
Converge on Wednesday said its board had approved the additional allocation for the repurchase of the company’s outstanding shares.
Chief Financial Officer Robert Leo Yu said the expanded buyback program reflected the company’s confidence in its financial position and long-term prospects.
“Our healthy balance sheet allows us to opportunistically repurchase shares while continuing to invest heavily in our nationwide fiber infrastructure and future growth,” he added.
The company said the increased allocation would not affect its planned capital expenditures, including the continued expansion of its fiber network in the Visayas and Mindanao.
The timing and volume of share repurchases would depend on market conditions, trading activity and other strategic considerations, subject to applicable regulations.
Converge’s share price rose by a centavo to close at P9.25 each on Wednesday.
