CONVERGE ICT Solutions Inc. announced on Wednesday it was setting a dividend payout policy of a 25- to 30-percent payout based on net income and also declared a special cash dividend of P1.3 billion. The dividend policy was approved by its board of directors on Tuesday, the company said in a disclosure. The 25-30 percent payout ratio will be based on the net income from its latest audited financial statements, Converge added. The special cash dividend amounting to P1.31 billion, or P0.18 per share, will be paid on October 10 to all outstanding common shareholders on record as of September 24. During its initial public offering in October 2020, the company announced that it was targeting a dividend declaration by 2025. Converge said that it declared a special cash dividend following a "robust performance in the first half of the year and having considered future cash requirements for expansion and growth." "We are really thankful to all shareholders who have believed in our mission to provide world-class connectivity services to the Filipino people," Converge Chief Executive Officer and co-founder Dennis Anthony Uy said. "We are committed to ensuring that we deliver value to our shareholders as we continue to improve our performance," he added. Converge President and co-founder Maria Grace Uy added that the dividend policy "reflects the company's commitment to delivering value to shareholders while investing in the continued growth of the business." Converge earlier reported a first-half net income of P5.3 billion and consolidated revenues of P19.5 billion. The company is optimistic about its flagship product FiberX and expects sustained demand for its mass market fiber offerings Surf2Sawa and BIDA Fiber. Shares of Converge rose 68 centavos, or 4.18 percent, to P16.94 each on Wednesday. Read The Rest at :