Converge Technology Solutions Corp (TSE:CTS) has released an update.
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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.
