First investment: Gov’t, through Maharlika, gets 20% stake in NGCP
First investment: Gov’t, through Maharlika, gets 20% stake in NGCP
MANILA, Philippines — The Maharlika Investment Fund (MIF) is buying a 20-percent stake in the National Grid Corporation of the Philippines (NGCP), the private company operating the country’s lone electricity transmission network.
President Marcos witnessed the signing ceremony in Malacañang on Monday afternoon between Maharlika Investment Corp. (MIC), the manager of the country’s first sovereign wealth fund, and Synergy Grid and Development Philippines Inc. (SGP), which holds a 40-percent interest in NGCP.
POWER DEAL President Marcos and Finance Secretary Ralph Recto (left) on Monday witness Maharlika Investment Corp. president and CEO Rafael Consing Jr. signthe agreement on the government’s acquisition of a 20-percent stake in the National Grid Corporation of the Philippines. —PRESIDENTIAL COMMUNICATIONS OFFICE PHOTO
POWER DEAL President Marcos and Finance Secretary Ralph Recto (left) on Monday witness Maharlika Investment Corp. president and CEO Rafael Consing Jr. sign the agreement on the government’s acquisition of a 20-percent stake in the National Grid Corporation of the Philippines. —PCO Photo
MANILA, Philippines — The Maharlika Investment Fund (MIF) is buying a 20-percent stake in the National Grid Corporation of the Philippines (NGCP), the private company operating the country’s lone electricity transmission network.
President Marcos witnessed the signing ceremony in Malacañang on Monday afternoon between Maharlika Investment Corp. (MIC), the manager of the country’s first sovereign wealth fund, and Synergy Grid and Development Philippines Inc. (SGP), which holds a 40-percent interest in NGCP.
“Congratulations, everyone. I know it wasn’t easy. I think, in the end, we found a good solution to everyone’s concern,” President Marcos said, addressing MIC and NGCP executives.
The agreement was signed by MIC president and chief executive officer Rafael Consing Jr. and SGP chair Henry Sy Jr.
The venture into NGCP is the maiden investment for MIC, which is mandated to manage the Maharlika fund through various business engagements but has been criticized for failing to land a major business activity since its inception in July 2023.
Created under Republic Act No. 11954, MIF is facing a legal challenge before the Supreme Court for supposedly being unconstitutional, with petitioners alleging that the law entrusts billions of pesos in public funds in the hands of unknown fund managers and an “amorphous nine-member board of directors.”
P30-B value
In a text message to the Inquirer, Finance Secretary Ralph Recto said the investment of MIC in NGCP involved the former’s purchase of preferred shares with voting rights priced at P15 apiece.
Maharlika will make an upfront payment of about P20 billion for the stocks, he said.
Source: https://newsinfo.inquirer.net/2028734/first-investment-govt-through-maharlika-gets-20-stake-in-ngcp?utm_source=(direct)&utm_medium=gallery
