LEADING fiber broadband provider Converge ICT Solutions Inc. is the only Philippine company that has been added in the highly watched MSCI Global Standard Indexes in its latest rebalancing announced on May 12, 2022 in Geneva, Switzerland.
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. 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.
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. We have built our national digital highway and we will continue reaching the underserved and unserved areas in the country,” Converge Chief Executive Officer Dennis Anthony Uy said.
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 5.89 million fiber and cable ports and served 1.69 million 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.
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.
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).
May 16, 2022
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