A deal once touted as the Maharlika Investment Corporation’s (MIC) landmark debut is now stuck in limbo, with its planned entry into the country’s transmission grid operator taking far longer than expected.

What was supposed to be the sovereign wealth fund’s first splash — a 20-percent stake in Synergy Grid and Development Philippines (SGP) that would secure its board representation in the National Grid Corp. of the Philippines (NGCP) — has stalled over document issues amid the ongoing negotiations.

On the sidelines of Stratbase’s Pilipinas Conference in Makati City on Friday, Energy Secretary Sharon Garin said MIC informed the Department of Energy of the delay in closing its deal with SGP.

In January, MIC announced it was acquiring a 20-percent stake in SGP, which would grant it two board seats in SGP and two in NGCP. NGCP, the country’s private sector-led transmission grid operator, is 60 percent owned by SGP and 40 percent by the State Grid Corp. of China.

“So far, they haven’t signed their deal closing because they’re [MIC] still asking for documents from NGCP. So, that’s the latest information that was given to us by MIC. Basically, that means the negotiations are still ongoing,” Garin said.

The energy chief added the transaction could be finalized “maybe next year.”

“I don’t want to get into who has been doing what and who has not been doing what. But it’s taking a while. Maybe it’s the negotiations that are taking a while. I’m not sure but it’s between NGCP and MIC,” she said.

“The latest information given to me is that MIC is asking for more documents from NGCP, so they’re still waiting,” she added.