Integrated solar developer SP New Energy Corp. (SPNEC) was included in exclusive and coveted MSCI Philippines Small Cap Index.
SPNEC was the only addition to the index based on Global index provider MSCI”s latest review.
MSCI rebalances its indices semi-annually and quarterly.
The changes in MSCI Global Small Cap Index, which was revealed on Monday, will take effect at the close of market on Feb. 29.
SPNEC said this is positive development for the company as this would further stimulate interest in its stock.
Following the announcement, the share price of SPNEC climbed 6.03 percent Tuesday to P1.23 from P1.16 Monday.
New York-listed MSCI has helped global investors build and manage portfolios using its research-based tools and insights on risks and performance.
SPNEC is now controlled by the Pangilinan Group, through MGen Renewable Energy Inc. (MGreen), a wholly-owned subsidiary of Meralco Powergen Corp. after a series of acquisitions.
MGreen recently raised its stake in the company, acquiring 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings Inc. for P2.50 billion, representing 4.34 percent.
The latest acquisition raised MGreen and its affiliates’ stake in SPNEC to 55.96 percent from 50.53 percent previously.
Prior to this, the Pangilinan-led company bought P15.9 billion worth of 15.70 billion common shares of SPNEC, representing 31.4 percent of the company’s total outstanding common shares as well as 19.40 billion preferred shares.
SPNEC is developing the world’s biggest solar project through 100-percent owned subsidiary Terra Solar Philippines Inc.
The P200-billion Terra solar development in Nueva Ecija and Bulacan will consist of 3,500 megawatts (MW) of solar panels and 4,000 megawatt-hours of battery storage.