SYNERGY GRID & Development Philippines, Inc. (SGP), which holds 60% of the voting rights in the National Grid Corp. of the Philippines (NGCP), said its P19.7-billion investment deal with state-owned Maharlika Investment Corp. (MIC) is still being negotiated.
In a regulatory filing on Monday, SGP said that the parties have yet to set a closing date for the deal, which involves MIC’s acquisition of a 20% stake in the company.
“We reiterate that the parties are in the process of negotiating the detailed terms of the transaction and ensuring that the same are compliant with regulations,” SGP said.
“Given the scale and strategic nature of the investment, extensive due diligence and coordination among parties in SGP are required,” it added.
The company said the parties are still discussing deal structure and governance arrangements “to ensure alignment with shareholder and regulatory expectations.
SGP said it remained committed to a “prudent and transparent process” and will provide further updates once closing arrangements are finalized.
Energy Secretary Sharon S. Garin told reporters last week that MIC was still requesting more documents from NGCP before closing the deal.
She said closing may happen next year.
Earlier this year, MIC, which manages the Philippines’ sovereign wealth fund, signed a binding agreement with SGP, to acquire a stake and board seats in the company and in NGCP.
NGCP is the country’s sole grid operator which manages transmission system. — Sheldeen Joy Talavera