The ERC also clarified it has yet to tackle whether NGCP could comply with the mandatory IPO requirement through other alternative public offerings, such as a backdoor listing through Synergy Grid and Development Philippines (SGP).
In an order promulgated on August 20, ERC said it was retaining the six-month compliance period granted last May 2021 to NGCP which meant it had until 14 November 2021 meet the public ownership requirement.
NGCP had previously requested the ERC to clarify whether the minimum 30 percent public ownership requirement could be fulfilled achieved through an alternative mode, specifically the share swap transaction and follow-on offering of 20 percent with SGP.
The ERC declared that its order “should not be taken as allowing (sic) or prohibiting any mode of ownership dispersal allowed under the law to be undertaken by NGCP as this was not made an issue in the entire proceedings.”
Bilyonaryos Henry “Big Boy” Sy Jr. and Robert Coyiuto have already consolidated their respected stakes in SGP after folding in Sy’s Monte Oro Grid Resources Corp. (MOGRC) and Coyuito’s Calaca High Power Corp. (CHPC).
MOGRC and CHPC own 30 percent each of NGCP with the balance of 40 percent held by State Grid International Development Ltd. of China (40 percent).
Chairman Sy has a 49. 93 percent stake in SGP while vice-chairman Coyiuto has 49.81 percent interest. SGP will conduct a 20 percent a follow on offering to comply with the minimum public ownership required by the Philippine Stock Exchange.