Converge ICT Solutions Inc. has been promoted to the mid cap board in the FTSE Global Equity Index Series (GEIS), a development that its leaders view as a testament to the continued strong performance of the company over the last few years.
The promotion from small cap index to mid cap came after Converge met the higher market capitalization thresholds and investability weights by the FTSE for Asia Pacific.
“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.
The promotion will be effective on March 21.
“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.
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 Uy.
Converge is set to release its 2021 financial results Thursday next week.
As of end-September, Converge’s terrestrial backbone has reached 90,000 kilometers, not including its extensive last-mile network, serving 440 cities and municipalities nationwide.
It plans to cover at least 55 percent of Philippine households with fiber Internet by 2023.