Converge Technology Solutions Corp (TSE:CTS) has released an update.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Converge Technology Solutions Corp. has successfully deconsolidated its majority-owned subsidiary, Portage CyberTech Inc., allowing the latter to operate independently with a new $15 million credit line from CIBC. This strategic move is aimed at accelerating Portage CyberTech’s growth while Converge retains a 51% share and provides a $25 million long-term loan. Converge’s Group CEO, Shaun Maine, will continue as Chairman of Portage’s three-member board.
For further insights into TSE:CTS stock, check out TipRanks’ Stock Analysis page.