MANILA - Converge ICT Solutions Inc on Monday said it would soon be available for trading over-the-counter in the United States in the form of unsponsored American Depositary Receipts (ADRs).
The ADRs are registered with the US Securities and Exchange Commission, Converge said in a disclosure to the stock exchange.
The total American Depositary Shares (ADS) registered amounted to 50 million ADS for a maximum offer price of $5 each or a total aggregate offering price of $2.5 million (P125 million), according to the F-6 registration statement filed with the US SEC.
"We welcome this development as it opens up another channel for US investors to invest into Converge shares. This signals confidence of an increasing number of investors in the continued strong growth of the company as we continue to reach the unserved and underserved areas in the Philippines," Converge CEO Dennis Anthony Uy said.
Converge is ramping up its coverage after connecting Visayas and Mindanao with its broadband services. It aims to connect 55 percent of homes by 2025.