Converge cuts back capex after aggressive growth

Converge ICT Solutions Inc. is cutting back on its capital expenditures (capex) this year after spending upfront costs to widen its network as it projects double-digit growth in revenues anew, driven by residential and enterprise segments. Maria Grace Uy, Converge co-founder and president, said in a press briefing on Thursday their capex guidance for the year was P12 billion to P15 billion, lower than the P22 billion it spent in 2022. "We have rolled forward our capex in the previous years, reducing our requirements for capex in a high interest rate environment," she said. The bulk of the amount will be spent on roll out of ports and routers while other allocation includes inves...

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