Converge joins MSCI Global Standard Index

Published May 13, 2022, 2:15 PM

by Emmie V. Abadilla

Fiber broadband provider Converge ICT Solutions Inc. has become the only Philippine company which made it to the MSCI Global Standard Indexes in its latest rebalancing announced on May 12, 2022 in Geneva, Switzerland.

The MSCI Global Standard Indexes is an international equity index which tracks stocks across 33 markets. The latest additions will take effect on May 31, 2022.

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

“Our inclusion in the global benchmark, the MSCI, is yet another testament to our strong market position,” stated Maria Grace Y. Uy, Converge President, Chief Resource Officer, and Chief Risk Officer.

“We’re pleased to have joined another index that will further broaden our exposure to international passive investors,” she added.

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International mutual funds and exchange-traded funds normally adjust their shareholdings based on the index performance of the listed stocks. 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,” stressed Dennis Anthony Uy, Converge CEO.

“We have built our national digital highway and we will continue reaching the underserved and unserved areas in the country,” he maintained.

As of end-2021, 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.

In addition, Converge had 5.89M fiber and cable ports and served 1.69M residential subscribers. In 2021, Converge generated nearly P26.5 billion revenues, a 69 percent growth from year-ago level.

The company also leads the industry on return on invested capital at 20.9 percent last year.

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 30-member basket of blue chip companies in the country, the Philippine Stock Exchange Index (PSEi).

 
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