09 March 2022 – Leading fiber broadband provider Converge ICT Solutions Inc. (PSE: CNVRG) announced Monday its promotion to the Mid-Cap board from the Small Cap index in the London-based FTSE Global Equity Index Series (GEIS), following its semi-annual review of listed companies in the Asia-Pacific region, excluding China and Japan.
“This upgrade in the FTSE GEIS reflects the strong growth performance of the company as we continue our aggressive expansion to deepen our presence in areas where we already have presence and extend our services to still unserved markets,” said Converge CEO and Co-Founder Dennis Anthony Uy.
“We would like to thank our investors for their trust and for propelling our stock performance as we continue to grow,” added Converge President and Co-Founder Maria Grace Y. Uy.
Effective on 21 March 2022, the promotion to the Mid-Cap index was triggered after Converge met higher market capitalization thresholds and investability weights set by the FTSE for the Asia-Pacific region.
Aside from the GEIS, Converge is also part of other FTSE Index Series such as the Renaissance IPO Index, the ASEAN All-Share Index, and the ASEAN Stars Index.
FTSE GEIS indexes include over 16,000 large, mid, small, and micro cap securities across 49 developed and emerging markets globally. The indices are 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.
“We are pleased to have kept our strong market standing and increased our market stability, as we bring world-class internet connectivity to more and more Filipinos. As we enter another year of expansion this 2022, we are confident of continued robust financial performance,” said Ms. Uy.
In 2022, Converge is eyeing to go deeper in the new markets of Visayas and Mindanao while continuing its aggressive expansion in Luzon from the northern part of the region including the Cordilleras to the Bicol region. The pure fiber network of Converge has passed over 9.6 million homes as of end-September 2021, well on track with its goal of covering 55% of Philippine households by 2023.
Converge is all-set to go deeper in the new markets of Visayas and Mindanao with the opening of Business Centers in key cities including Cebu, Iloilo, Davao and Cagayan De Oro.