Sy Jr hopeful on completion of Maharlika-NGCP deal soon

MANILA, Philippines — Tycoon Henry “Big Boy” Sy Jr. is hopeful that the deal between the National Grid Corp. of the Philippines (NGCP) and Maharlika Investment Corp. (MIC) will be completed soon.

Sy said NGCP and MIC are still negotiating on the latter’s planned P19.7-billion entry into the country’s grid operator.

“It has many details. We’re hoping that it can be done soon,” he said.

Sy, however, said the terms of the deal are not yet final as they are still being negotiated.

Asked on if MIC’s stake in NGCP could still change, he said it would be “just enough to make them comfortable.”

“The most important thing about Maharlika’s entry is to see that everything is running perfectly. Sy said.

“It’s a matter of transparency and we don’t have a problem with transparency,” he said.

Synergy Grid and Development Philippines Inc. (SGP), the listed company behind NGCP, has 60 percent voting rights in NGCP, while the State Grid Corp. of China controls the remaining 40 percent.

A binding term sheet was signed in January last year for MIC to acquire 20 percent of SGP.

The parties were expected to complete the deal within 180 days, or by July. However, the transaction has yet to be completed at present.

In an earlier report by The STAR, MIC president and CEO Rafael Consing said the sovereign wealth fund is still pursuing the completion of the deal, with the aim of sealing it within the first half of the year.