A share buyback uses company cash to purchase shares from willing sellers, while potentially increasing the value represented by each remaining share.
Converge has spent P1.193 billion of its P6.5-billion buyback budget so far, leaving P5.31 billion for more purchases.
Profits provide backing
The fiber internet provider, founded by Dennis Anthony Uy and Maria Grace Uy, is buying shares even after lowering its 2026 revenue growth forecast, signaling conviction on its long-term prospects.
Converge earned P5.5 billion in the first half as revenue rose 3.1 percent to P22.4 billion, while its profit from core operations remained high.
It also ended June with P11.3 billion in cash despite spending P5.7 billion on its network and paying P3.5 billion in dividends.
—Edited by Miguel R. Camus
