Converge ICT Solutions, Inc., a listed fiber internet provider, has been included to the worldwide benchmark Financial Times Stock Exchange (FTSE) ASEAN Stars Index, according to its senior official.
“We are happy to observe an improvement in the weights of Converge equities across all FTSE indexes as it represents the company’s continuing robust growth during our fiber deployment countrywide,” said Converge President Maria Grace Y. Uy in a stock market statement on Wednesday.
The FTSE ASEAN Stars Index is designed as a “barometer and not as the foundation for financial products,” according to FTSE Russel, a part of the London Stock Exchange Group, on its website.
Except for Vietnam, where 15 businesses are chosen from the Ho Chi Minh and Hanoi stock markets, the FTSE ASEAN Stars Index is comprised of 30 enterprises from each exchange in the area.
“The addition of Converge to this new index within the FTSE ASEAN Index Series was made as the weights of Converge equities across all FTSE indices rose from August to September this year,” the Philippine firm said.
“At the end of trading on Tuesday, Converge shares climbed to a new all-time high of P42 per share, with its market value now over P300 billion,” it said.
Previously, the business was included in the FTSE Global Equity Index Series as part of the Small Cap Index.
It was also included in the FTSE Renaissance IPO Index as well as the FTSE ASEAN All-Share Index.
The firm qualified for early inclusion in the Philippine Stock Exchange’s benchmark index of 30 members.