LISTED fiber internet provider Converge ICT Solutions, Inc. has been included in the global benchmark Financial Times Stock Exchange (FTSE) ASEAN Stars Index, its top official said.
“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 rollout nationwide,” Converge President Maria Grace Y. Uy said in a disclosure to the stock exchange on Wednesday.
The FTSE ASEAN Stars Index is intended as a “barometer and not to be used as the basis for investment products,” investment management company FTSE Russel, a subsidiary of London Stock Exchange Group, said on its website.
The FTSE ASEAN Stars Index is composed of 30 firms from each exchange in the region, except for Vietnam where 15 companies are selected from the Ho Chi Minh and Hanoi stock exchanges.
“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,” the Philippine company said.
“Converge shares rose to a new all-time high of P42 per share at the close of trade on Tuesday, with its market capitalization now reaching over P300 billion,” it also noted.
The company was earlier included in the FTSE Global Equity Index Series under the Small Cap Index.
It was also admitted to the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index.
The company qualified for early inclusion in the 30-member benchmark Philippine Stock Exchange index.
Converge shares closed 4.76% higher at P44 apiece on Wednesday. — Arjay L. Balinbin
