Synergy Grid and Development Philippines, Inc. (SGP) yesterday completed the public listing of its shares from its follow-on offering (FOO) at the Philippine Stock Exchange.
Proceeds of the listing will be used by SGP to directly subscribe to non-voting preferred shares that will be issued by the National Grid Corporation of the Philippines (NGCP) which will then utilize the amount to finance capital expenditure requirements and related cost and expenses.
SGP priced its FOO of 1,053,500,000 primary common shares with an overallotment option of up to 101,000,000 secondary shares at P12 per common share to raise at least P12.64 billion.
“…As the indirect controlling shareholder of NGCP, this milestone marks SGP’s dedication and commitment to fulfill NGCP’s mandate as the sole power transmission service provider in the Philippines,” said Paul Sagayo, SGP president, in his message at the listing ceremony.
NGCP is the sole and exclusive operator of the Philippines’ transmission network. SGP is a holding company which indirectly controls 60 percent of the outstanding capital stock of NGCP, SGP’s sole operating asset, with an effective equity interest of 40.2 percent.
