The Philippines’ sovereign wealth fund Maharlika Investment Corp is negotiating to buy a 20% stake in national power grid company NGC Philippines for 19.7 billion pesos (US$340 million) from Synergy Grid and Development Philippines (SGP).
SGP, the majority shareholder in NGC with a 60% stake, announced the negotiations in a filing to the local bourse on November 25.
“Given the scale and strategic nature of the investment, extensive due diligence and coordination among all parties are required,” the company says.
Separately, Sharon Garin, the energy secretary, says the deal is expected to be completed next year. She was speaking at a press conference, also on November 25.
Maharlika was established in 2023 with an authorised start-up capital of 500 billion pesos.
