Power grid holding firm of Sy, Coyuito lists on bourse
SGP president and CEO Paul Sagayo (third from left) and PSE president and CEO Ramon Monzon (sixth from left) lead the bell-ringing ceremony at the Philippine Stock Exchange. CONTRIBUTED PHOTO
MANILA, Philippines—Holding company Synergy Grid and Development Philippines (SGP) Inc. of billionaire businessmen Henry Sy Jr. and Robert Coyiuto Jr. listed its shares on the local bourse on Wednesday (Nov. 10) after successfully raising P13.85 billion through a follow-on offering.
The company will use the proceeds of the offer to directly subscribe to non-voting preferred shares that will be issued by the National Grid Corporation of the Philippines. In turn, NGCP will use the proceeds from this preferred share issue to finance its capital expenditure requirements and related cost and expenses.
“Synergy Grid is very excited to be doing this follow on offering on the Philippine Stock Exchange today,” SGP president and CEO Paul Sagayo said. “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.”
NGCP is the sole and exclusive operator of the Philippines’ transmission network, linking power generators and distribution utilities to deliver electricity to end-users nationwide.
The company has committed to invest approximately P440 billion across 211 projects over the next 13 years aimed to support the growing electricity demand in the country and to make the country’s power backbone continuously reliable.
Article continues after this advertisementSGP sold 1.05 billion primary common shares with an over-allotment option of up to 101 million secondary shares at P12.00 per share.
Article continues after this advertisementLeading Wednesday morning’s listing event and bell-ringing ceremony at the trading floor were SGP’s Sagayo and PSE president and CEO Ramon Monzon.
SGP chair Sy and vice chair Coyiuto also participated in the event online, together with other executives from SGP, PSE NGCP and other partner institutions.
SGP 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. NGCP, meanwhile, holds a 25-year concession and a 50-year Congressional franchise to expand and operate the country’s power transmission grid.
It is the sole and exclusive operator of the Philippines’ nationwide transmission network linking power generators and distribution utilities to deliver electricity to end-users across Luzon, Visayas and Mindanao.
