Philippine sovereign wealth fund Maharlika Investment Corporation is making its first investment with the acquisition of 20% of the country’s national grid company for an undisclosed sum.
The move will involve issuance of new shares in National Grid Corporation of the Philippines to the wealth fund by Synergy Grid and Development Philippines Inc, the largest shareholder in the grid company.
The communications office of the Philippines’ president announced the deal in a statement on January 27.
According to the statement, post deal, Synergy Grid will hold 40.2% of National Grid Corp., with State Grid Corp of China holding 39.8%.
Maharlika will get two of the 15 seats on the board of National Grid Corp., and two of the nine board seats at Synergy Grid.
Established in July 2023, Maharlika has an authorised start-up capital of 500 billion pesos (US$11.5 billion).
