MANILA, October 6, 2021 — Leading Philippine fiber internet provider Converge ICT Solutions Inc. (PSE: CNVRG) has been included in the global benchmark Financial Times Stock Exchange (FTSE) ASEAN Stars Index comprised of the top 30 companies in the exchanges of six countries in southeast Asia, namely, Indonesia, Malaysia, Singapore, Thailand, Vietnam, and the Philippines.
According to the FTSE Russell website, the ASEAN Stars Index is intended to serve as a barometer and should not be used as the basis for investment products.
The inclusion of Converge to this new index under the FTSE ASEAN Index Series was made as the weights of Converge stocks across all FTSE indices increased from August to September this year.
“We are pleased to see an improvement in the weights of Converge stocks across all FTSE indices as it reflects the continued strong growth of the company amid our fiber roll-out nationwide,” said Converge President Maria Grace Uy.
Converge shares rose to a new all-time high of P42 per share at the close of trade Tuesday, with its market capitalization now reaching over P300 billion.
The internet service provider was earlier included in the FTSE Global Equity Index Series under the Small Cap Index. Before that, Converge was admitted to the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index.
Converge also qualified for early inclusion in the 30-member Philippine Stock Exchange Index (PSEi) that groups the largest, most valuable, and most stable companies in the country.
“Converge is really just trying to fulfill its mission of bringing world-class connectivity to the unserved and underserved areas in the country. We are truly grateful to see that our investors believe in this mission and continue in this journey with us,” said Converge CEO Dennis Anthony Uy.
The fiber internet company connected Visayas and Mindanao to its domestic backbone last April and would soon complete the second phase of its domestic submarine cable project that would connect all the major islands in the archipelago to its fiber backbone.
As of end-June 2021, total residential subscribers of Converge reached almost 1.4 million as it saw tremendous take-up of its fiber broadband services in new areas, particularly in Cebu.
About Converge ICT Solutions, Inc.
Converge Information and Communications Technology Solutions, Inc. (PSE:CNVRG) is the leading pure fiber data network and internet service provider in the country. It is the first to run a pure end-to-end fiber internet network, providing Filipinos simple, fast, and reliable internet connection. Converge is ISO 9001 and CE2.0 Certified.
In the ever-evolving landscape of the digital age, access to reliable and fast Internet has become necessary for individuals of all ages and backgrounds. In the Philippines, Converge has emerged as a beacon of hope, revolutionizing how people connect to the world wide web. Converge is committed to its core principle of serving the […]
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Philippine broadband and technology solutions provider Converge ICT Solutions Inc. (PSE:CNVRG) has appointed former Senior Associate Justice Estela M. Perlas-Bernabe as an independent non-executive director to its Board of Directors, following the elections held during its Annual Stockholders’ Meeting on May 26, 2023. A respected member of the Supreme Court (SC) from 2011 until her […]
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Leading fiber internet service provider Converge ICT Solutions Inc. has once again been crowned the Broadband Telecom Company of the Year – Philippines at the recently concluded Asian Telecom Awards 2023. The recognition marks the company’s second consecutive year of being recognized as the Philippines’ choice of network. The highly anticipated Asian Telecom Awards ceremony […]
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