Maharlika puts further Synergy Grid investment on hold
The Philippine sovereign wealth fund manager cited evolving deal terms, geopolitical conditions and its investment priorities in deciding to defer the transaction.
Maharlika Investment Corp. (MIC) confirmed on November 5 that it would defer a proposed further investment in Synergy Grid & Development Phils Inc. (SGP) after reviewing the transaction. MIC manages the Philippines’ sovereign wealth fund.
Speaking to reporters in Taguig City, MIC president and chief executive officer Rafael Consing Jr. said SGP had been notified. He said terms that evolved during detailed negotiations, geopolitical conditions, MIC’s investment priorities and its duty to manage public money prudently had prompted the reassessment.
MIC said the postponement would not affect SGP’s financial position or capital structure. It also said National Grid Corporation of the Philippines (NGCP) operations and transmission services would be unaffected.
MIC had previously announced a 20 per cent stake acquisition in SGP, giving it two seats on SGP’s board and two on NGCP’s board.
In a separate statement, MIC said the government remained committed to a secure, reliable transmission network through the grid’s regulatory framework. It declined to discuss transaction terms, citing its policy.
Republic Act No. 11954, signed in July 2023, established MIC to oversee the sovereign wealth fund and invest government assets to produce additional public revenue.
