MIC eyes SGCC stake in NGCP to cut costs

The Maharlika Investment Corporation (MIC) has expressed interest in acquiring State Grid Corporation of China's (SGCC) stake in National Grid Corporation of the Philippines (NGCP), should it become available.

This follows MIC’s acquisition of a 20% stake in Synergy Grid and Development Philippines Inc. (SGP).

MIC President Rafael Consing emphasized that no discussions have been held with SGCC regarding this potential acquisition.

The deal aims to provide MIC with access to NGCP's financial statements and influence over the grid operator, without involvement in day-to-day operations.

Energy Secretary Raphael Lotilla noted that MIC’s investment could help lower electricity costs and improve transparency and cybersecurity of power transmission lines.