LISTED fiber broadband provider Converge ICT Solutions, Inc. announced on Monday the election of its board directors, some of whom are former high-ranking government officials.
The board is led by former Department of Public Works and Highways and Department of Transportation and Communications Secretary Jose P. de Jesus, serving as chairman and independent director, Converge said in an e-mailed statement.
The members of the board of directors were elected at Converge’s first annual stockholders’ meeting as a listed company on May 28.
Former Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. and Reyes Tacandong & Co. Founding Partner and Chairman Roman Felipe S. Reyes were elected as independent directors.
Francis Ed. Lim, senior partner at ACCRA Law and former president and chief executive officer of the Philippine Stock Exchange, and Saurabh N. Agarwal, partner at global private equity firm Warburg Pincus LLC which holds a 15.8% stake in Converge through Coherent Cloud Investments B.V., were elected as non-executive directors.
“Converge’s board has a diverse membership, with the right mix of capabilities, perspectives and experience that will ensure the highest standards of governance. I look forward to working with my fellow directors as well as with the management over the coming year,” Mr. de Jesus said.
The company’s attributable net income for the first three months of 2021 almost tripled to P1.55 billion from P573.60 million in the same period in 2020, owing primarily to an increase in subscribers as the pandemic crisis continues.
Its total revenues, which include contributions from residential and enterprise segments, increased 83.2% to P5.55 billion in the first quarter from P3.03 billion in the same period a year ago.
Converge ICT shares closed 3% lower at P19.40 apiece on Monday. — Arjay L. Balinbin