The Energy Regulatory Commission (ERC) has ordered the National Grid Corporation of the Philippines (NGCP) to prepare and undertake its initial public offering (IPO) or stock listing immediately, after the ERC rejected its appeal for an extension.
“NGCP is directed to commence immediately the process of public listing pursuant to Republic Act 9511,” according to the ERC ruling.
In addition, the NGCP should submit a compliance report, showing its compliance with its public listing obligations within 30 days from the said compliance, according to ERC’s instruction.
“We are not avoiding an IPO, but we merely asked for a deferment of the offering to a more favorable time given the prevailing circumstances at the time of the petition,” NGCP spokesperson Atty. Cynthia Alabanza said.
She added that the transmission firm “fully respects the decision and jurisdiction of the ERC over the matter, and we intend to reply appropriately.”
NGCP also indicated that it is always in full compliance with the applicable laws, rules, and regulations when conducting its business.
The stock offering allows the Filipino public to gain ownership of the transmission firm’s shares.