Converge joins MSCI Global Standard Index
(Left photo): Converge captured more than 653,000 net adds in 2021, ending the year with 1.69 million subscribers. (Right) Converge continues to undertake aggressive expansion in new markets for 2022, eyeing a wider footprint outside Luzon and setting ambitious targets for residential customers in Visayas and Mindanao. Corporate Communications file photos
Leading fiber broadband provider Converge ICT Solutions Inc. (PSE: CNVRG) is the only Philippine company that has been added to the highly-watched 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 that tracks stocks across 33 markets. The latest additions will take effect on May 31, 2022. With 1,539 constituents, the index covers approximately 85% 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,” said Maria Grace Y. Uy, President, Chief Resource Officer, and Chief Risk Officer of Converge.
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,” said Dennis Anthony Uy, CEO of Converge.
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 in revenues, a 69% growth from the year-ago level. The company also leads the industry in return on invested capital at 20.9% 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).
