SGP, the holding company of the National Grid Corp. of the Philippines (NGCP), said the share swap was meant to “formally consolidate” Sy and Coyiuto’s ownership and control of NGCP through a common corporate structure.
Under its corporate consolidation, SGP issued 4.1 billion new shares and gave Sy and Coyiuto 2.05 billion shares each in exchange for 86.43 million shares in Sy’s OneTaipan Holdings and 871 million shares in Coyiuto’s Pacifica21 Holdings.
The swap increased Sy’s stake in SGP to 49.93 percent from 44.5 percent and Coyiuto’s stake to 49.81 percent from 34 percent. SGP now owns 67 percent of OneTaipan and Pacifica21.
Sy’s OneTaipan controls Monte Oro Grid Resources, which holds 30 percent of NGCP, while Coyiuto’s Pacifica21 controls Calaca High Power which owns 30 percent of NGCP.
SGP said its public float has fallen from 21.5 percent to .25 following the share swap with the holding firms of Sy and Coyiuto. The foreign ownership in SGP has also decreased from 3.4 percent to .04 percent.
SGP will issue 1.09 billion common shares in a follow-on offering to meet the minimum public ownership required by the Philippine Stock Exchange.