MANILA, Philippines — As Converge ICT Solutions Inc.’s shares sank to their lowest level in more than two years, billionaire entrepreneur Dennis Anthony Uy moved aggressively to buy back shares, with the company reportedly spending about P722 million under its ongoing stock repurchase program.
The timing has caught the attention of investors.
Converge’s decision to continue buying its own shares comes as CNVRG faces intense pressure in the stock market, even though the fiber internet provider continues to report profitability and growth in key parts of its business. Bilyonaryo reported that the latest repurchases brought the company’s buyback spending to hundreds of millions of pesos as the stock traded at levels last seen more than two years ago.
P5 Billion More for Buybacks
The latest buying spree is part of a much larger strategy.
In July 2026, Converge’s board approved an additional P5 billion for its existing share buyback program, signaling management’s confidence in what it sees as the company’s underlying value.
The Philippine Stock Exchange disclosure confirmed that Converge’s board approved the expansion on July 14, adding P5 billion to the existing repurchase program.
Converge Chief Finance Officer Robert Leo Yu said at the time that the additional allocation was intended to enhance shareholder value and would not derail the company’s expansion plans.
BusinessMirror reported that the company maintained that its balance sheet was strong enough to support both share repurchases and continued investments in its nationwide fiber network, including expansion in the Visayas and Mindanao.
The company has also said that the timing and volume of future share purchases would depend on market conditions, trading activity and other strategic considerations.
The Stock Is Down—But the Business Is Still Making Money
What makes the Converge story particularly interesting is the contrast between its stock performance and its operating results.
For the first half of 2026, Converge reported:
- P22.4 billion in consolidated revenues, up 3.1%
- P18.5 billion in residential revenues
- P3.9 billion in enterprise revenues, up 15.1%
- P13.3 billion EBITDA
- P5.5 billion in net income
- More than 3.09 million residential subscribers by the end of June
The company’s enterprise business has become an increasingly important growth driver, with SME and large corporate segments posting double-digit revenue growth.
For the full year 2025, Converge had also reported P44.8 billion in consolidated revenues, up 10.2%, while net income climbed to P11.9 billion.
That raises a major question for investors: If the business remains profitable, why has the stock fallen so sharply?
PSEi Exit Added More Pressure
Converge also faced another major market development in July.
The Philippine Stock Exchange announced that CNVRG would be removed from the benchmark PSEi, with Maynilad Water Services Inc. taking its place effective August 3, 2026.
Converge moved to the PSE MidCap index.
Index removals can sometimes create additional selling pressure because investment funds tracking the benchmark may need to adjust their holdings.
While the PSEi exit does not necessarily reflect a deterioration in Converge’s business operations, the timing added another challenge as the company’s share price continued to struggle.
Dennis Uy Sends a Strong Signal
For Dennis Uy, founder and CEO of Converge, the expanded buyback program sends a clear message: management appears to believe the market is undervaluing the company.
A share buyback can reduce the number of shares available in the market and potentially improve metrics such as earnings per share. More importantly, aggressive repurchases can signal that management believes its stock is trading below its assessment of fair value.
But buybacks do not guarantee that a stock will recover.
Investors will still be watching whether Converge can accelerate revenue growth, protect its industry-leading margins and successfully expand its enterprise, cloud and technology businesses.
What Happens Next for CNVRG?
The P722 million already deployed in share repurchases could be only part of a much larger effort, considering Converge’s board approved another P5 billion in buyback funding in July.
The company insists it can continue investing in growth while repurchasing shares, pointing to a relatively manageable debt position and continuing cash generation.
For now, Dennis Uy’s bet is becoming impossible to ignore.
Converge shares may be sitting at a two-year low—but the company’s founder is responding by putting hundreds of millions of pesos into buying them back.
The big question now is whether the market will eventually agree with management’s view—or whether CNVRG’s stock still has more challenges ahead.
Why This Story Matters
Converge’s situation has become one of the more closely watched stories on the Philippine stock market: a profitable fiber internet company with more than three million subscribers, continued enterprise growth and billions of pesos committed to buybacks—yet a share price that has fallen to a multi-year low.
Dennis Uy has made his move. The market’s response may determine what happens next.
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