Synergy Grid & Development Philippines Inc. (SGP) has set the price of its follow-on offering (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.
SGP said it will use proceeds of the FOO to directly subscribe to non-voting preferred shares that will be issued by the National Grid Corporation of the Philippines (NGCP).
NGCP will utilize the proceeds to finance its capital expenditure requirements and related cost and expenses as it is committed to invest around P440 billion across 211 projects in the next 13 years to make the country’s power backbone continuously reliable.
“The SGP FOO was priced at a very attractive level. The FOO provides everyone with an avenue to invest in NGCP, the sole concession holder of the country’s power transmission backbone. By participating in the FOO, we become long-term partners in supporting the country’s growth and development,” said Henry Sy, Jr., SGP’ chairman.
The public offer period for SGP’s FOO will run from October 26 until November 2 with the listing date of shares on the Philippine Stock Exchange to be held on November 10. – Jed Macapagal
