The Maharlika Investment Fund is reportedly demanding four board seats in the National Grid Corp. of the Philippines, which is led by bilyonaryos Henry “Big Boy” Sy Jr. and Robert Coyiuto.
This request is double the 20 percent stake that NGCP’s majority shareholders – Sy, Coyiuto, and State Grid Corp of China, the world’s third largest company by revenue – are reportedly willing to cede to Maharlika.
Babbler said NGCP has so far rejected the demand, arguing that granting four seats to Maharlika is disproportionate to its planned 10 percent ownership.
Meanwhile, NGCP’s investors, despite being reluctant sellers in the deal, have not only agreed to give up a fifth of the company but also to a selling price that reflects a premium over its current market value. NGCP’s State Grid and Development Philippines (SGP) closed at P13.16 on January 21.
Aside from Sy and Coyiuto, the members of NGCP’s 10-member board include Anthony Almeda, Francis Chua, Jose Pardo, Abogado Paul Sagayo Jr., and State Grid’s Zhu Guangchao, Wang Lijin, Yao Yousheng, and Liu Xinhua.
Will the Maharlika Fund and NGCP finally strike a deal? So close, yet so far.
