MIC's 20% stake acquisition in NGCP still pending

Energy Secretary Sharon Garin announced that the Maharlika Investment Corporation's (MIC) initial investment plan to acquire a 20% stake in Synergy Grid and Development Philippines (SGP), which would grant it board seats in the National Grid Corp. of the Philippines (NGCP), is still pending.

Garin stated that the MIC has informed the Department of Energy (DOE) about the delay in finalizing the deal with SGP.

The planned transaction involves MIC acquiring a 20% stake in SGP, leading to two board seats in SGP and two in NGCP.

NGCP, the country's private grid operator, is 60% owned by SGP and 40% by the State Grid Corp. of China.

According to Garin, the MIC is still requesting documents from NGCP, indicating that negotiations are ongoing.

The Energy Secretary suggested that the deal might be completed sometime next year, acknowledging the protracted nature of the negotiations between MIC and NGCP.