SP New Energy Corp. (SPNEC) is seeing increased interest in its stocks after being included in the MSCI Philippines Small Cap Index.
“Amid the MSCI Philippines Small Cap Index inclusion, investors gobbled the stock, with shares rising by 6.03% as of mid-day Feb. 13,” the company said in a statement on Tuesday.
Shares of SPNEC closed at P1.16 per share on Monday, the company said.
“The positive development for SPNEC is expected to further stimulate interest in the stock,” it said.
SPNEC has replaced MREIT, Inc. on the roster.
The MSCI Global Cap Indexes announced the changes on Monday, and these changes are scheduled to be implemented at the end of the trading day on Feb. 29.
The index is “designed to measure the performance of the small-cap segment of the Philippines market,” the MSCI said.
“With 20 constituents, it represents approximately 14% of the free-float adjusted market capitalization of the Philippines equity universe.”
MSCI rebalances its indices semiannually and quarterly.
“New York-listed MSCI has helped investors build and manage portfolios using its research-based tools and insights on risks and performance,” SPNEC said.
MGen Renewable Energy, Inc. (MGreen) recently raised its stake in SPNEC, acquiring 2.17 billion shares from Solar Philippines Power Project Holdings, Inc. for P2.5 billion, representing 4.34%.
The latest acquisition increases MGreen’s and its affiliates’ stake in SPNEC to 55.96% from 50.53% previously.
MGreen is the renewable energy arm of Meralco PowerGen Corp., a wholly owned subsidiary of Manila Electric Co. — Sheldeen Joy Talavera
