Converge included in MSCI global equity index
Converge Information and Communications Technology Solutions, Inc. announced on Friday its inclusion in the international equity index, which is seen to make the company’s stocks more visible to foreign investors.
The listed fiber internet service provider said that it would be added to the MSCI Global Standard Index by May 31.
MSCI tracks the stocks across 33 markets.
Converge noted that international mutual funds and exchange-traded funds make their decision on shareholdings based on the index performance of the listed stocks. MSCI conducts index reviews quarterly and rebalancing twice a year.
“Our inclusion in the global benchmark, the MSCI, is yet another testament to our strong market position. We’re pleased to have joined another index that will further broaden our exposure to international passive investors,” Converge president Maria Grace Uy said.
“This MSCI addition further bolsters our commitment to drive company performance through our twin strategy—go deep and go national. We have built our national digital highway and we will continue reaching the underserved and unserved areas in the country,” Converge CEO Dennis Anthony Uy added.
Converge said that the construction for the South East Asia Hainan-Hong Kong Express Cable System (SEA-H2X) project had already started this week. It is expected to be operational by 2024.
The SEA-H2X project is a 5,000-kilometer submarine cable system connecting the Philippines, Hong Kong, China, Thailand, East Malaysia and Singapore that seeks to boost internet connectivity across Asia.
The local telecommunication player is doing the project with China Mobile International Limited, China Unicom Global and PPTEL SEA H2X Sdn. Bhd.
—Tyrone Jasper C. Piad
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