Telco-to-tech provider Converge ICT Solutions Inc. will proceed with plans to spin off its extensive fiber network as a new unit to fully maximize its assets once the implementing rules and regulations (IRR) of a law expanding internet access is finalized.

Converge Chief Executive Officer (CEO) Dennis Anthony Uy said the company would look at the Konektadong Pinoy Act as a model in how to share its infrastructure to other operators and providers.

The law, which lapsed on Aug. 24, seeks to improve and expand connectivity in the country by making it easier for internet service providers to operate through infrastructure sharing.

The guidelines on sharing network assets are not yet finalized since the IRR is still being completed, with issuance either this month or early November.

In pursuit of the law’s objectives, Uy said he is willing to open up its fiber network for co-sharing with other operators.

“If they want to use our network, we share with them so they don’t have to build,” he said on the sidelines of the 51st Philippine Business Conference and Expo.

Earlier this year, Bloomberg reported that Converge was planning to carve out its fiber operations to form a new unit under the company.

The Uy-led telco was reportedly planning to sell 40 percent in the unit, with the transaction valued at up to $1 billion.

Converge is no stranger to infrastructure sharing as it has been sharing its fiber network with Sky Cable Corp. and other regional operators.

Converge is eyeing to maximize its assets of around nine million fiber lines since its utilization rate is only about 35 percent.

Still, Uy said the company is in no rush to establish a new unit for its fiber operations, as its main objective—to raise capital—is not an immediate concern.

”I’m not in a hurry because the purpose of that is to raise funds. Why should I raise funds? Our funding is okay,” he said.

Converge is planning to spend between ₱20 billion to ₱25 billion for capital expenditures this year, with the focus on network expansion.

In the first half of the year, the company reported that its net income grew 12 percent to ₱5.9 billion from ₱5.3 billion last year.