Converge ICT joining FTSE GEIS small cap index on Sept. 18

LISTED fiber broadband provider Converge ICT Solutions, Inc. said on Tuesday that it will join the Financial Times Stock Exchange (FTSE) Global Equity Index starting Sept. 18.

“Converge is the only Philippine company to be added to the Small Cap Index of the FTSE Global Equity Index Series (GEIS) in this most recent review. The index inclusion will take effect after the close of business on Sept. 17, 2021,” Converge said in an e-mailed statement.

Dennis Anthony H. Uy, chief executive officer and co-founder of Converge, said the company’s inclusion in the FTSE Global Equity Index “will lead to more exposure to passive and active investors.”

For Grace Y. Uy, Converge president and co-founder, the index inclusion is a testament of the company’s “growth and standing” in the country’s telecommunications industry.

“Securities are included in the Global Equity Index Series after passing the criteria on minimum voting rights, investability weight, liquidity, and trading history set by the FTSE,” Converge said.

“The GEIS was created by the FTSE to be used as benchmarks for investment funds, exchange traded funds, and other financial products. The indices, therefore, stand as proxy for the market they represent and the securities therein are considered as stable indicators for their respective industries. The GEIS - Global Small Cap Index, as of July, comprises more than 5,000 constituents worldwide,” it noted.

The company saw its attributable net income for the first half of the year surge 159% to P3.3 billion.

First-half total revenues increased 82% to P11.8 billion, as residential revenue jumped 105% to P10.2 billion and enterprise revenue slightly grew 4% to P1.6 billion.

Converge shares closed 1.59% higher at P32 apiece on Tuesday. —