Converge keen on Sky Cable buyout

Tech tycoon Dennis Anthony Uy plans to buy out Sky Cable Corp. and capture its more than 300,000 subscribers as soon as the company succeeds in erasing its over P4 billion debts.

- ELIJAH FELICE ROSALES

The STAR learned from highly-placed sources that Uy is determined to save Sky Cable from the risk of bankruptcy, and his long game for the company is to turn it into a subsidiary of Converge ICT Solutions Inc.

However, Uy - who admires the household recall of Sky Cable - thinks the company has a lot to do to improve its financial standing, from paying maturing debts to reducing business costs.

Sky Cable owes P4.47 billion to lenders as of September, of which P3.18 billion are due in a year. Likewise, Sky Cable is running on a loss right now, booking a revenue of P4.12 billion while expenses reached P4.93 billion.

Uy said Sky Cable can cut spending by P1 billion a year if it lowers power consumption, removes pole rental and slashes maintenance costs. This is why Uy's brainchild Converge signed a network sharing agreement with Sky Cable in July.