Semirara Mining and Power Corporation (SCC) was qualified to be a member of the 30-company Philippine Stock Exchange index (PSEi), the local bourse operator said.

In a statement, the PSE said SCC would replace Security Bank Corporation (SECB) in PSEi effective August 8, 2022.

This was after an index review from July 2021 to June 2022. 

The top publicly listed companies based on liquidity, market capitalization, and free float level are the securities considered for inclusion in PSE indices. 

Aside from these criteria, relevant financial benchmarks are also used in the index review.

“This is the last index recomposition with a free float requirement of at least 15 percent. As announced in August 2021, companies should have a public ownership level of at least 20 percent to qualify for index inclusion in the next review period,” said PSE President and CEO Ramon S. Monzon.

“We expect companies that would like to remain index constituents but have a free float of less than 20 percent to take the necessary corporate action to address this concern,” Monzon added.

The sector indices will also see minor changes with seven securities. Rizal Commercial Banking Corporation will become a component of the Financials index, while Benguet Corporation is a constituent of the Mining and Oil index. 

The Property index will see the addition of 8990 Holdings, Inc. and DDMP REIT, Inc. (DDMPR). In addition, Phinma Corporation, Shakey’s Pizza Asia Ventures, Inc., and Synergy Grid & Development Phils., Inc. will all be part of the Industrial index.