No, Converge ICT Isn't Partnering with Elon Musk's SpaceX
Converge ICT is not partnering with billionaire tycoon Elon Musk’s Space Exploration Technologies (SpaceX). At least, not yet.
The listed internet services provider clarified reports that it is inking a partnership deal with SpaceX, calling them “premature.”
“The Company is always looking for new technologies to bring high-speed internet services to the broadest number of Filipinos,” the company said in a statement. “The latest satellite technologies, including that of Space Exploration Technologies Corp. (SpaceX), are among those new technologies being explored by Converge to bring high-speed broadband to far-flung areas in the country. However, it is still very premature to talk about a possible partnership between Converge and SpaceX at this stage as suggested in the abovementioned news reports.”
Converge ICT, led by businessman Dennis Anthony Uy, made a splashy debut on the Philippine Stock Exchange last year. It provides a fiber data network and internet services to customers in Metro Manila and several other cities and provinces in the country. As of June 30, 2020, the company’s domestic network spanned over 35,000 kilometers, covering 200 cities and municipalities across Luzon and reaching approximately 4.1 million homes.
The company’s shares surged as much as 20 percent in early trade following reports of the partnership.
A Reuters report said SpaceX has not responded to requests for comment.