Who Owns Converge Company?

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Who Owns Converge ICT Solutions Inc.?

Understanding company ownership is key to grasping its strategic direction and accountability. Converge ICT Solutions Inc.'s ownership landscape shifted significantly with its October 2020 IPO, expanding its shareholder base from its private origins.

Founded in 2007, Converge ICT has become a major player in the Philippine internet market, offering high-speed fiber broadband. The company's growth trajectory is impressive, with 2024 revenues reaching P40.61 billion and net income at P10.81 billion.

The ownership structure of Converge ICT, from its founders to its public shareholders, is a critical aspect of its story. This includes understanding the impact of key investors and any changes in its shareholding over time, influencing its market strategy, including its approach to services like Converge BCG Matrix.

Converge ICT Solutions Inc. was co-founded in 2007 by Dennis Anthony Uy and Maria Grace Y. Uy. Dennis Anthony Uy, a self-made industrialist, previously established ComClark Network and Technology Corporation in 1997, which now serves as the controlling shareholder of Converge. Maria Grace Y. Uy, a Certified Public Accountant, also played a key role in co-founding ComClark and has held significant management positions in other companies.

Founding Visionaries

Dennis Anthony Uy and Maria Grace Y. Uy are the co-founders of Converge ICT Solutions Inc. Their entrepreneurial journey began with the establishment of ComClark Network and Technology Corporation.

ComClark's Role

ComClark Network and Technology Corporation, founded by the Uys, is the controlling shareholder of Converge ICT Solutions Inc. This entity holds a significant stake, influencing the company's strategic direction.

Early Investor

In 2019, Warburg Pincus, a US-based private equity firm, made a substantial investment of $250 million in Converge ICT. This marked their first investment in the Philippines.

Minority Stake Acquisition

Warburg Pincus acquired a sizable minority stake of 29% in Converge ICT prior to its Initial Public Offering (IPO). This capital infusion was vital for the company's infrastructure expansion.

Founder's Control

As of June 30, 2025, ComClark Network and Technology Corporation held a controlling stake of 66.0% in Converge ICT. This demonstrates the founders' continued substantial control over the company.

Strategic Vision

The founding team's commitment to a pure end-to-end fiber optic network was central to their strategy. This vision guided capital allocation and the company's overall development.

While specific details regarding initial equity splits at the company's inception are not publicly disclosed, the ownership structure clearly indicates the founders' enduring influence. The significant controlling stake held by ComClark Network and Technology Corporation, which is itself controlled by the founders, underscores their pivotal role in shaping Converge's trajectory. The strategic investment from Warburg Pincus in 2019, amounting to $250 million for a 29% minority stake, was instrumental in fueling the company's ambitious network expansion plans, positioning Converge for significant growth and solidifying its presence in the telecommunications market. Understanding the ownership structure is key to grasping the company's strategic decisions and its competitive positioning against other internet providers in the Philippines, such as those discussed in the Competitors Landscape of Converge.

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The ownership structure of Converge ICT Solutions Inc. has seen significant evolution, particularly following its debut on the Philippine Stock Exchange in October 2020. This transition to a public company marked a new era for Converge, influencing its strategic direction and financial operations.

As of June 30, 2025, Converge ICT Solutions Inc. has a total of 7,266,573,061 outstanding common shares. The primary shareholder is ComClark Network and Technology Corporation, holding 4,797,417,274 shares, which equates to 66.0% of the company. This substantial stake signifies that the founders, operating through ComClark, retain a controlling interest in the organization. Other notable stakeholders include PCD Nominee Corporation - Non Filipino with 1,179,685,031 shares (16.2%) and PCD Nominee Corporation - Filipino with 1,288,754,249 shares (17.7%). In 2024, Converge reported a revenue of P40.61 billion, a 14.85% increase year-over-year, and a net income of P10.81 billion, up 18.86%.

Key Ownership Milestones and Strategic Shifts

Converge's ownership landscape has been shaped by strategic investments and divestments. The company's transition to a public entity has facilitated its aggressive expansion plans.

• In 2019, Warburg Pincus invested $250 million for a 29% stake.
• Warburg Pincus exited its investment in May 2022 through share buybacks and offerings.
• This exit allowed for broader public ownership and opened avenues for new strategic investors.
• The company is actively seeking new long-term strategic investors to foster growth.

The ownership shifts have directly influenced Converge's strategic direction, enabling significant capital expenditure for network expansion. For 2025, the company plans capital expenditures ranging from P20 billion to P25 billion, with P12 billion earmarked for infrastructure development. This includes the completion of two subsea cables and the construction of two data centers. These investments are crucial for growing its subscriber base, which reached 2.56 million by the end of 2024. Understanding the Marketing Strategy of Converge is key to appreciating how these ownership changes support their growth objectives.

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As of July 8, 2025, the Board of Directors for Converge Information and Communications Technology Solutions, Inc. comprises executive, non-executive, and independent directors. Dennis Anthony H. Uy holds the position of Chairman of the Executive Committee, with Maria Grace Y. Uy also serving as a member. The board has established several committees to aid in its oversight functions.

For Fiscal Year 2024, Converge ICT's Board of Directors featured four independent directors, making up nearly 57% of the total board. This composition underscores a commitment to robust corporate governance. The company operates under a one-share-one-vote principle for its common shares. While specific details on dual-class shares are not publicly available, the significant ownership stake held by ComClark Network and Technology Corporation, at 66.0% as of June 30, 2025, effectively centralizes control with Dennis Anthony Uy and Maria Grace Y. Uy through their leadership at ComClark. This structure is further detailed in the Mission, Vision & Core Values of Converge.

Corporate Governance at Converge

Converge ICT Solutions places a strong emphasis on corporate governance, guided by its Manual on Corporate Governance. This manual details the responsibilities of the board and the rights of shareholders, promoting ethical conduct and accountability.

• Board decisions require a 2/3 quorum, which was met in all FY2024 meetings.
• The company has been recognized for its governance practices, receiving honors at the ASEAN Corporate Governance Awards 2025.
• Independent directors constitute almost 57% of the board as of FY2024.
• Mr. Park Weongi joined as a new non-executive director on July 8, 2025.
• The voting power is largely influenced by ComClark's 66.0% ownership as of June 30, 2025.

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In recent years, Converge ICT Solutions Inc. has undergone significant shifts in its ownership structure, moving towards a more publicly held entity. A key development was the divestment of Warburg Pincus's stake in May 2022, which represented a substantial portion of the company's early institutional investment.

Financially, the company has shown robust growth, with net income reaching P5.3 billion in the first half of 2024, marking a 23.6% year-on-year increase. Consolidated revenues also saw a healthy rise of 12.4% to P19.5 billion during the same period. For the entirety of 2024, net income climbed by 18.8% to P10.8 billion, with revenues up by 14.8% to P40.6 billion, underscoring strong performance and an expanding market presence. The residential subscriber base grew to 2.56 million by the end of 2024.

Financial Performance Highlights (2024)

Net Income: P10.8 billion (up 18.8% YoY). Revenues: P40.6 billion (up 14.8% YoY). Subscriber Base: 2.56 million.

Future Investment Plans

Capital Expenditures for 2025: P20 billion to P25 billion. Infrastructure Expansion: P12 billion. Subsea Cables: P7 billion. Data Centers: P5 billion.

Strategic Expansion and Partnerships

Aggressive network expansion to reach 4 million subscribers by 2027. Strategic partnerships with content providers and exploration of new service reselling.

Shareholder Value and Market Position

Inaugural dividend policy announced in September 2024, targeting a 25% to 30% payout ratio. This reflects a commitment to returning value to shareholders and solidifies its position as a publicly traded entity.

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