Synergy Grid and Development Philippines Inc. (SGP), the indirect controlling shareholder of power transmission operator National Grid Corporation of the Philippines (NGCP), has been included in the MSCI World Small Cap Index, just six months after listing its shares and follow-on offering last November.
The company said the feat signifies its notable performance in the market.
With a current market capitalization of about $1.24 billion, SGP sits above the median capitalization of the MSCI World Small Cap Index which currently sits at around $963.76 million as of the April 29, 2022, index update.
“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,” Robert Coyiuto Jr., SGP vice chairman, said in a statement.
The MSCI World Small Cap Index captures small cap representation across 23 developed markets countries with 4,502 constituents and covers approximately 14 percent of the free float-adjusted market capitalization in each country.
NGCP is SGP’s sole operating asset and holds the sole and exclusive concession and franchise for the operation of the Philippines’ transmission network, linking power generators and distribution utilities to deliver electricity to power distributors and cooperatives nationwide.
In the next 13 years, NGCP committed to invest approximately P440 billion across 211 projects which are aimed to support the growing electricity demand in the country and to make the country’s power backbone continuously reliable. – Jed Macapagal
