SYNERGY Grid & Development Phils., Inc. said on Wednesday that it had been included in the MSCI World Small Cap Index about six months after the listing of its shares from its follow-on offering.
In a statement, the indirect controlling shareholder of power transmission operator National Grid Corp. of the Philippines (NGCP), the Philippine-listed company’s current market capitalization of around $1.24 billion places it above the median capitalization of the index.
It said MSCI World Small Cap Index’s median capitalization was 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,” said Synergy Grid Vice-Chairman Robert Coyiuto, Jr.
The holding firm had its follow-on offering on Nov. 10, 2021.
“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% of the free float-adjusted market capitalization in each country,” Synergy Grid said.
Privately owned NGCP has 25-year concession and a 50-year Congressional franchise to operate the country’s power transmission grid, which links power generators and distribution utilities to deliver electricity.
Synergy Grid indirectly controls 60% of the outstanding capital stock of NGCP, which is its only operating asset, with an effective equity interest of 40.2%.
On Wednesday, shares in Synergy Grid rose by 0.33% or four centavos to close at P12.18 apiece.
