September 26, 2021

Converge set to be included in FTSE global equity index

by | Sep 8, 2021 8:25PM

Converge ICT Solutions Inc., a leading fixed broadband operator, said Wednesday it will be included in the Financial Times Stock Exchange’s Global Equity Index starting this month.

Converge ICT said in a disclosure to the stock exchange the company would be added to the Small Cap Index of the FTSE Global Equity Index Series following the global financial benchmark provider’s semi-annual review.

The index inclusion will take effect after the close of business on Sept. 17, 2021.

“We’re pleased to be included in this roster of valuable and viable securities in the region. This will lead to more exposure to passive and active investors, and for them, a more diversified portfolio in a promising industry in this region” said Dennis Anthony Uy, chief executive and co-founder of Converge ICT.

Converge ICT president and co-founder Grace Uy said the company’s inclusion was “testament of our growth and standing in the Philippines telecommunications industry.”

Securities are included in the Global Equity Index Series after passing the criteria on minimum voting rights, investability weight, liquidity, and trading history set by the FTSE. It is then classified by investability market capitalization by region, to determine if they belong to the large, mid, small or micro-cap index.

Converge ICT earlier joined two other FTSE Index Series—the Renaissance IPO Index and the ASEAN All-Share Index, increasing its exposure to passive and active investors.

The company was also included last month in the benchmark 30-company Philippine Stock Exchange Index which groups the largest, most valuable, and most liquid companies in the local exchange.

Converge ICT aggressively expanded its pure fiber broadband network to reach the underserved and unserved areas in the Philippines, with a goal to cover 55 percent of total households by 2025.

The domestic fiber network of the telco company passed 8.3 million homes as of end-June 2021, as it began to service Visayas and Mindanao this year.

The share price of Converge ICT hit an all-time high of P32.20 Wednesday, before closing lower by 0.78 percent to P31.75.

Jenniffer B. Austria
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