Converge ICT is taking the internet business more seriously as it strengthens its goal of covering 55% of all Filipino households with new landing cable firms.
The company had signed a deal with PLDT to acquire a stake of DCI (Digital Crossing Inc.) worth Php8.4 million. In addition, Converge also acquired 300,000 common shares of Digitel from ANPC (Asia Netcom Philippines Corporation) worth USD2.66 million, or about Php127 million.
With these newly recent deals, Converge told the Philippine Stock Exchange that it will spend over USD 100 million (~Php 5 billion) for its cable project systems.
Converge had planned to spend as much as Php20 billion to expand and upgrade its network in Visayas and Mindanao.