of the Philippines, the sole and exclusive operator of the Philippines’s transmission network, linking power generators and distribution utilities to deliver electricity to end-users nationwide. The company will use the proceeds of the follow-on offer to directly subscribe to non-voting preferred shares that will be issued by National Grid Corp. The maximum subscription amount for local small investors who will participate in follow-on public offering is set at P1 million. The listing date of the shares on the Philippine Stock Exchange will be on November 10. The public offer period started on Tuesday and will run through November 2. The Philippine power transmission grid will be crucial as the country’s economic recovery and growth will be underpinned by power,” Coyiuto, the company’s vice chairman, said. “SGP’s follow-on offering is a unique opportunity to invest in NGCP and become a stakeholder in an asset of national importance. By participating in the FOO, we become long-term partners in supporting the country’s growth and development,” Sy, the company’s chairman, said in a statement. The FOO provides everyone with an avenue to invest in NGCP, the sole concession holder of the country’s power transmission backbone.
“The SGP FOO was priced at a very attractive level. The company is selling 1.05 billion in primary common shares, and 101 million in overallotment option, which is also its secondary offering, from the ownership of Henry T.
This translates to about P13.84 billion in proceeds based on the number of offer shares.
The company also slashed its offering to P12 per share, from its indicative price of P15 to P25 apiece. Synergy Grid and Development Phils Inc., which controls the sole operator of the country’s power transmission lines, on Tuesday said the Securities and Exchange Commission (SEC) has given its go-ahead for the company’s follow-on offering (FOO).
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