Shares of Converge ICT Solutions will soon be traded over-the-counter in the United States through American depositary receipts (ADRs), the company said on Monday, September 20.
Converge filed with the US Securities and Exchange Commission 50 million ADRs for a maximum offer price of $5 each or a total aggregate offering of $2.5 million.
An ADR is a negotiable security that represents securities of a foreign company and allows that company’s shares to trade in US financial markets.
“We welcome this development as it opens up another channel for US investors to invest into Converge shares,” said Converge chief executive officer Dennis Anthony Uy.
“This signals the 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,” added Uy. (READ: Converge launches entertainment service Vision)
It was also recently included in the highly watched Financial Times Stock Exchange-Global Equity Index Series under the Small Cap Index. Converge was the only Philippine company added to the index.
Converge stocks slightly went down by 0.1% on Monday. – Rappler.com