Synergy Grid & Development Phils. Inc. said Monday that negotiations with the Maharlika Investment Corp. (MIC) for the acquisition of a 20-percent stake in the National Grid Corporation of the Philippines (NGCP) are still ongoing.
Synergy Grid confirmed the statement of Energy Secretary Sharon Garin to the Philippine Stock Exchange, clarifying that there is “no set date of closing” for the deal regarding MIC’s proposed investment in Synergy Grid.
MIC, which manages the country’s sovereign wealth fund, signed an agreement with Synergy Grid in January 2025 to acquire the 20-percent effective stake in NGCP, the operator of the Philippines’ power grid.
Under the agreement, MIC will purchase preferred shares in SGP, which holds a significant 40.2-percent effective ownership in NGCP.
The company reiterated that the parties are negotiating the detailed terms of the transaction and ensuring compliance with regulations.
Synergy Grid said that “given the scale and strategic nature of the investment, extensive due diligence and coordination among parties in SGP are required.”
Discussions continue on the investment structure and governance arrangements to align with shareholder and regulatory expectations, it said.
The investment is seen as a critical step for the government to regain control over the nation’s power infrastructure.
NGCP has operated the nationwide transmission system since 2009 under a 25-year concession granted by Congress, which allows for a 25-year extension.
Synergy Grid confirmed its commitment to a prudent and transparent process and will provide updates once closing arrangements are finalized.
