Converge hikes capex for 2024

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Converge hikes capex for 2024 - Business Mirror

Quick Summary:

Converge ICT Solutions Inc.has raised its capital expenditure (capex) for 2024 to as much as P17 billion, driven by the need to bolster its network infrastructure in response to robust demand and accelerated progress on an international subsea cable project.

The SEA-H2X cable system encompasses a minimum of eight fiber pairs connecting Hong Kong to Singapore, boasting a robust design capacity of 160 Tbps to effectively address the escalating bandwidth demands within the region.

Converge CEO and Co-Founder Dennis Anthony Uy said the company is targeting to further diversify its business, even as it strengthens its core business of being an Internet service provider (ISP).“Converge is no longer a simple connectivity company or an ISP though that is our core strength.