Synergy Grid and Development Philippines Inc. (SGP), the indirect controlling shareholder of the National Grid Corporation of the Philippines (NGCP), has been included in the MSCI World Small Cap Index.
The MSCI World Small Cap Index captures small cap representation across 23 Developed Markets (DM) countries. With 4,502 constituents, the index covers approximately 14 percent of the free float-adjusted market capitalization in each country. With its current market capitalization of about $1.24 billion, SGP sits above the median capitalization of the MSCI World Small Cap Index which is currently at around $963.76 million as of April 29.
“The inclusion of Synergy Grid in the Index in a short amount of time from its listing late last year is proof of the notable performance of its main asset, NGCP. It is an affirmation as well that the route taken to list at the time we did was well-received by the market,” said SGP Vice-Chairman Robert Coyiuto Jr.
SGP’s inclusion comes after the successful listing of its shares from its follow-on offering in November last year. The company indirectly controls 60 percent of the outstanding capital stock of NGCP, SGP’s sole operating asset, with an effective equity interest of 40.2 percent.
NGCP holds a 25-year concession and a 50-year Congressional franchise to expand and operate the country’s power transmission grid. NGCP is the sole and exclusive operator of the Philippines’s nationwide transmission network linking power generators and distribution utilities to deliver electricity to end-users across Luzon, Visayas and Mindanao.
Image credits: www.ngcp.ph
