Synergy Grid and Development Philippines Inc.’s subscription to P12.239-billion worth of preferred shares in National Grid Corp. of the Philippines will boost to the latter’s capital expenditure program.
“This amount will be a huge boost to fund NGCP’s capital expenditure, a huge chunk of which is on new transmission projects for the improvement, upgrading and expansion of the country’s power grid,” SGP chairman Henry Sy Jr. said in a statement.
SGP’s total subscription of P12,238,163,000.00, at P60.10 per non-voting preferred share, will be paid in cash from the proceeds of the follow-on offering.
NGCP holds the sole and exclusive concession and franchise for the operation of the Philippines’ transmission network. In the next 13 years, NGCP is committed to invest P440 billion across 211 projects, which aim to support the growing electricity demand in the country.
“Our investors who chose to partner with us at SGP are instrumental in ensuring that NGCP’s projects in the pipeline will come into fruition and play a significant part in the country’s economic development,” said SGP vice chairman Robert Coyiuto Jr.
Alena Mae S. Flores