(Alliance News) - Convergenze Spa announced Friday that its board of directors reviewed preliminary operating revenues as of March 31, 2024. Thus, in the first quarter of the year, the company reported revenues of EUR6.0 million, up 19 percent from EUR5.0 million in the same period of 2023.

The board also approved the establishment of a limited liability company under Albanian law.

"This operation has in the geographical expansion in Albania its strategic raison d'être," reads the statement, "a market still small in size but with strong growth prospects where the provision of Internet transit is the prerogative of only a few players, and where Convergenze will soon realize the opening of a new "point of presence.

In this context, Convergenze "will start offering the service only in the wholesale sphere to operators interconnected to ANIX5 , a service for which it is necessary to be a company under Albanian law with registration with the Tirana Communications Authority," the note further states.

The deal involves total formation costs of about EUR2,000 to EUR3,000 and a share capital endowment of about EUR2,000.

Convergenze's stock closed Friday at a par at EUR1.53 per share.

By Chiara Bruschi, Alliance News reporter

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