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Business

Converge included in MSCI global index

Richmond Mercurio - The Philippine Star

MANILA, Philippines — Fiber broadband provider Converge ICT Solutions Inc. has been included in the MSCI Global Standard Indexes in its latest rebalancing announced last May 12 in Geneva, Switzerland.

Converge is the only Philippine company which has been added in the MSCI Global Standard Indexes, the latest additions of which will take effect on May 31.

“Our inclusion in the global benchmark, the MSCI, is yet another testament to our strong market position. We’re pleased to have joined another index that will further broaden our exposure to international passive investors,” Converge president, chief resource officer, and chief risk officer Maria Grace Uy said.

The MSCI Global Standard Indexes is an international equity index which tracks stocks across 33 markets.

The index covers approximately 85 percent of the free float-adjusted market capitalization in each country with 1,539 constituents.

Each index in the MSCI is reviewed quarterly and rebalanced twice a year.

“This MSCI addition further bolsters our commitment to drive company performance through our twin strategy – Go Deep and Go National. We have built our national digital highway and we will continue reaching the underserved and unserved areas in the country,” Converge CEO Dennis Anthony Uy said.

Converge is currently included in four global equity indices under the FTSE Russell Indices: FTSE Renaissance IPO Index, FTSE Asean All-Share Index, FTSE Global Equity Index Series (Small Cap), and FTSE Asean Stars.

It is also included in the Philippine Stock Exchange index, the 30-member basket of blue chip companies in the country.

Converge has laid out over 103,000 kilometers of fiber nationwide and is set to continue expanding its network to new markets in Visayas and Mindanao while further deepening its presence in Luzon.

The company had 5.89 million fiber and cable ports and served 1.69 million residential subscribers.

Given its aggressive expansion, the company has accelerated its target of covering 55 percent of Philippine households with high-speed fiber connectivity by two years to 2023, from its earlier target of 2025.

ICT

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