SYNERGY Grid & Development Phils. Inc., a listed holding company with an indirect stake in National Grid Corp. of the Philippines (NGCP), said that Maharlika Investment Corp. (MIC) has deferred its planned investment in the company due to a change in strategic direction.
In a disclosure, Synergy said MIC, which manages the government’s sovereign wealth fund, informed its shareholders that it would not proceed with the transaction “for the time being.”
Synergy said the decision would have no effect on its capital structure, financial position or business operations, or on the services of NGCP, the private operator of the country’s electricity transmission network.
Under an agreement signed in January 2025, MIC was to acquire about 20 percent of Synergy through a subscription to newly issued convertible preferred shares. The investment would have given MIC an indirect interest in NGCP.
MIC previously said the transaction would give it two board seats each at Synergy and NGCP upon completion and the expansion of their respective boards.
Synergy shares closed at P26 each on Friday, up 50 centavos.
