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Siemens Energy shares gain on news of MDAX inclusion

·1-min read
Siemens Energy AG starts trading after IPO

FRANKFURT (Reuters) - Shares in Siemens Energy rose 1.3% on Friday after German stock exchange operator Deutsche Boerse said the firm would be included in Germany's midcap index later this month.

Spun off from former parent Siemens in September, Siemens Energy shares have gained 13% since their separate listing, giving the group a market value of about 18 billion euros ($22 billion).

About one sixth of all electricity generated globally is based on the group's technology.

Siemens Energy CEO Christian Bruch said the inclusion, which will become effective Dec. 21, is a great success, adding it should be an incentive to continue the group's transformation.

"Our goal is not only to become the world's leading energy technology company but also generate stable profits and pay a reliable dividend to our shareholders," he said.

Siemens Energy, which builds steam turbines for power plants, last month said it will no longer take on new business to supply coal-fired powered stations, making it the latest firm to scale back fossil fuel-related operations.

(Reporting by Christoph Steitz; Editing by Maria Sheahan)