S&P Dow Jones Indices has today announced that Frontier Digital Ventures has been added to the prestigious S&P/ASX AII Technology Index where it will sit alongside fellow 'Interactive Media and Services sub-industry' stocks REA Group, Domain, SEEK, and carsales.
The S&P/ASX AII Technology Index was launched back in February and is designed to capture companies that have not yet qualified for the S&P/ASX 300 Index and in doing so provide access to the fastest-growing sector on the Australian Stock Exchange. Speaking about the announcement, Frontier Digital Ventures CEO and Founder Shaun Di Gregorio said:
“FDV’s inclusion in the S&P/All Technology Index marks an important milestone for the Company. Our ongoing focus on driving long-term value creation for shareholders has resulted in a significant increase in our market capitalisation and relative trading liquidity, which are key criteria for potential constituents. Inclusion in the index will enhance FDV’s global profile and increase the Company’s relevance and visibility with a broader base of investors.”
Today's news comes off the back of recent key acquisitions for FDV, the Malaysian-based company having purchased leading classifieds titles from fellow international operator Adevinta in Colombia, Morocco and Tunisia (Fincaraíz, Avito and Tayara respectively) back in October for a reported A$56. Aside from its latest investments, FDV has interests in many other leading classifieds companies around the world including InfoCasas, Zameen, LankaPropertyWeb and Encuentra24.
The inclusion on a prestigious index will no doubt be a shot in the arm for the stock which like many property portal stocks has seen a rapid rebound since pandemic induced lows in the spring. FDV is currently trading at around A$1.42 up from a March nadir of A$0.57.