Maharlika takes 20% NGCP stake
At NGCP, the government gains representation through two out of 15 board seats, following an increase in the total seats from 10 to 15
At NGCP, the government gains representation through two out of 15 board seats, following an increase in the total seats from 10 to 15
The state-run Maharlika Investment Corporation (MIC) has secured a 20 percent stake in Synergy Grid and Development Philippines Inc. (SGP), a major shareholder of the National Grid Corporation of the Philippines (NGCP) — a move expected to improve oversight and potentially lead to better services for consumers.
An agreement was signed on Monday at the Malacañang Palace, which involves MIC’s subscription to preferred shares offered by SGP.
MIC, tasked with managing the Philippines’ sovereign wealth fund, will gain representation on both the SGP and NGCP boards.
In his speech, President Ferdinand R. Marcos Jr. described the transaction as a “good solution to everyone’s concern.”
MIC president and CEO Rafael D. Consing Jr. explained that the agreement would allow MIC to appoint two out of nine board members at SGP, following an increase in the total number of board seats from seven to nine. At NGCP, the government will secure two out of 15 board seats, as the total increases from 10 to 15.
At NGCP, the government will secure two out of 15 board seats, as the total increases from 10 to 15.
“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,” Consing said.
In a separate comment, Energy Secretary Raphael Perpetuo Lotilla said MIC’s entry into NGCP will help advance the government’s goal of ensuring the security, reliability, affordability, and competitiveness of the power sector.
Lotilla noted that government investment in transmission is crucial, citing the UK’s recent renationalization of its transmission system as a model for safeguarding energy security and promoting affordable energy.
With Maharlika’s involvement, he said stakeholders in the energy sector expect significant improvements in both the efficiency and affordability of the power transmission system, benefiting Filipino consumers in the long run.
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