skygaming777 Synergy Grid deal gives gov’t power in NGCP management
NGCP power lines (File photo from the Philippine Daily Inquirer) MANILA, Philippines Synergy Grid and Development Philippines Inc. (SGP) has accepted a binding offer from the state-run Maharlika Investment Corporation (MIC) to acquire a 20 p...
NGCP power lines (File photo from the Philippine Daily Inquirer)
MANILA, Philippines – Synergy Grid and Development Philippines Inc. (SGP) has accepted a binding offer from the state-run Maharlika Investment Corporation (MIC) to acquire a 20 percent stake, giving the government a foothold in the National Grid Corporation of the Philippines (NGCP).
The Presidential Communications Office (PCO) said it was formalized through the signing of a memorandum of agreement in Malacañang on Monday, which was witnessed by President Ferdinand Marcos Jr.
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FEATURED STORIES BUSINESS BIZ BUZZ: AirAsia bets bigger on PH BUSINESS Fuel price watch: Gasoline, diesel down 80¢/L, 20¢/L starting Jan 28 BUSINESS BOC intercepts undeclared foreign currency worth Php 24.20M“Congratulations, everyone. I know it wasn’t easy. I think, in the end, we found a good solution to everyone’s concern,” Marcos said, as quoted in a press release.
The SGP currently holds a 40.2 percent effective ownership interest in NGCP—the country’s power grid operator.
rose slotsArticle continues after this advertisementThe PCO said that the deal would grant MIC two board seats each at SGP and NGCP.
Article continues after this advertisementThe flagship investment is seen to safeguard the country’s power supply from external threats and disruptions.
Article continues after this advertisement“Once the acquisition is completed, we shall be entitled to two out of nine seats in the SGP board, after the total seats are increased from seven to nine. At NGCP, the government gains representation through two out of 15 board seats, following an increase in the total seats from 10 to 15,” MIC President and Chief Executive Officer Rafael Consing, Jr. said.
Since January 2009, NGCP has exercised full authority over the management and operations of the nationwide transmission system under a franchise granted by Congress.
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