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BusinessWorld
May 20, 2021 | 12:09 am
BW FILE PHOTO
NATIONAL Grid Corp. of the Philippines (NGCP) is on schedule with its planned initial public offering (IPO), it said on Wednesday, shortly after the energy regulator gave the privately led company a six-month extension to complete its listing requirements.
âWe are on track with our planned listing. We will inform the ERC (Energy Regulatory Commission) of the developments, in line with its directive for us to submit a monthly compliance report,â NGCP Spokesperson Cynthia P. Alabanza told
BusinessWorld in a Viber message Wednesday.
The ERC order was issued on March 10.
In a briefing with reporters on Wednesday, Ms. Alabanza said that NGCP has been preparing for the listing even before the pandemic.
Published May 11, 2021, 9:48 AM
Pure fiber data network and internet service provider Converge Information and Communications Technology Solutions, Inc. has expanded its fiber assets to serve another million customers this April and is on track to cover 55 percent of Philippine households by 2025, Founder, CEO, and Executive Director Dennis Anthony H. Uy announced last night.
As of end-April, 2021, the company’s total fiber assets totaled 370,000 kilometers, with over 69,000 kilometers in its fiber backbone and distribution network and over 300,000 fiber kilometers in its last mile network, serving over one million customers.
As of end-2020, its all-fiber network already passed over six million Filipino homes, accounting for 25 percent of total households.
April 21, 2021 KEPPEL Midgard Holdings Pte. Ltd. (KMH) has signed a binding term sheet with Converge Information and Communications Technology Solutions Inc. (Converge) to grant the latter an Indefeasible Right of Use (IRU) for one fiber pair on the main trunk of Bifrost Cable System, which directly connects Singapore to the west coast of North America.
In addition, KMH and Converge will jointly develop a branch on the Bifrost Cable System that will land in Davao, Philippines, with Converge also being granted an IRU on the entire Davao branch. Converge will be engaged as the landing party for the Davao branch segment.
The company’s net income also grew to P3.39 billion from P1.9 billion in the same period.
Converge doubled its 2020 subscriber base, reaching 1,038,000 residential subscribers by year-end. Significantly, 90 per cent of these were first-time broadband users.
Correspondingly, the company deployed 1.5 million new fiber-to-the-home (FTTH) ports, almost double the number in 2019.
Overall, Converge’s nationwide network reached over 6.1 million homes, on track to reach its target to cover 55% of households nationwide by 2025.
“There’s a massive pent-up demand for FTTH. We’ve not even reached 10 percent penetration. The market is blue ocean,” was how CEO and Co-founder Dennis Anthony H. Uy described it during today’s ( March 11) virtual press briefing.