- HEADLINES
- NEWS
- PAGE THREE
- COMMENTARY
- BUSINESS
- LIFE
- ACTION
- GLOBAL GOALS
- SNAPS
- DYARYO TIRADA
- MORE
Integrated solar developer SP New Energy Corp. qualified to join the MSCI Philippines Small Cap Index—the only latest addition to the closely watched gauge.
The MSCI Global Small Cap Indexes confirmed on Tuesday that SPNEC's inclusion in the list will formally take place at the close of the market on 29 February.
Relatedly, the index watcher revealed that MREIT, Inc. will be excluded from the list.
Immediately after SPNEC's inclusion, investors have shown interest in the stock, causing shares to rise by 6.03 percent as of mid-day 13 February. It closed at P1.16 per share on Monday.
New York-listed MSCI has been helping global investors build and manage portfolios using its research-based tools and insights on risks and performance.
The majority of SPNEC was recently acquired by the Pangilinan Group, through MGen Renewable Energy Inc., or MGreen, a wholly-owned subsidiary of Meralco Powergen Corp.
MGreen even 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 mand its affiliates' stake in SPNEC to 55.96 percent from 50.53 percent previously.
Before this, the Pangilinan-led company bought 15.70 billion common shares of SPNEC for P15.9 billion, representing 31.4 percent of the company's total outstanding common shares, as well as 19.40 billion preferred shares, resulting in MGen Renewable Energy Inc. and affiliates' 50.53 percent stake.
In May last year, Metro Pacific Investments Corp., or MPIC, an affiliate of MGen Renewable Energy Inc., made an initial purchase from Solar Philippines of 1.60 billion shares of SPNEC for P2 billion.
SPNEC was majority-owned by Solar Philippines, founded by young businessman Leandro Leviste. As a result of the entry of the Pangilinan Group, SPNEC elected tycoon Manuel V. Pangilinan as its chairman while Leviste serves as vice chairman.
SPNEC is touted to be the world's biggest solar project through its 100 percent-owned subsidiary Terra Solar Philippines Inc., which is targeted for completion by 2027.
The Terra solar development in Nueva Ecija and Bulacan will consist of 3,500 megawatts, or MW, of solar panels and 4,000 megawatt-hours of battery storage, and will be completed in two phases.
The first phase is eyed for completion by 2026 with a target capacity of 2,500 MW, while the second phase is targeted to be finished by 2027 with a target capacity of 1,000 MW.
