Data from the Philippine Stock Exchange showed Converge ranked first in value turnover with P855.31 million worth of 54.33 million shares traded from Sept. 19 to 23.
Last week, the board of directors of Converge approved a plan to buy back common shares of the company worth up to P1.5 billion to increase shareholder value and to show confidence in its fundamental value, business, and prospects. Mr. Pangan said that partnering with UnionBank of the Philippines to combat cybercrimes could boost Converge’s credibility and support the increase in its subscriber base.
Jeff Radley C. See, an analyst at Mercantile Securities Corp., said in a Viber message that rumors of the removal of Converge from the MSCI Global Standard index made the stock the most actively traded last week. To recall, Converge experienced heavy foreign selling driven by the expiration of Coherent Cloud Investments B.V.’s 365-day lockup in October 2021.
For the first half of the year, Converge saw its bottom line hit P3.95 billion, up 21.5% from the same period in 2021. Its revenues increased by 36.3% to P16.05 billion from P11.78 billion previously.