Converge joining FTSE Global Equity Index

ABS-CBN News

Posted at Sep 07 2021 04:46 PM

MANILA - Converge ICT Solutions Inc on Tuesday said it will join the Financial Times Stock Exchange (FTSE) Global Equity Index this month. 

Converge disclosed that the index inclusion will take effect on Sept. 17. 

The company said it is the only Philippine firm to be added to the Small Cap Index of the FTSE Global Equity Index Series (GEIS) in the most recent review. 

“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 Converge CEO Dennis Anthony Uy. 

Converge said 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. 

“This inclusion is further testament of our growth and standing in the Philippines telecommunications industry,” added Converge president Grace Uy.

Converge said at the start of the year that it doubled its fiber network in 2020, and aims to cover 55 percent of total households in the Philippines
by 2025. 

“As of end-June 2021, the domestic fiber network of Converge has passed 8.3 million homes or 32.5 percent of total Filipino households, as it begins to service Visayas and Mindanao this year,” the company said. 

Converge's stock price has risen by 108 percent as of end-August from the start of the year, bringing its market capitalization to P233 billion.

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