The Securities and Exchange Commission (SEC) and the shareholders of Synergy Grid & Development Philippines have approved an amendment to the firm’s articles of incorporation raising its authorized stock to Php5.3 billion from Php5.05 billion previously.
Synergy Grid is the holding firm of the National Grid Corporation of the Philippines (NGCP).
In its disclosure to the Philippine Stock Exchange (PSE) on Tuesday, Synergy Grid said he shareholders gave the go-signal for the revisions on August 10, acting on the holding firm’s board approval on June 30. The SEC then gave its nod on August 25.
“As a result, 31,250,000 shares were issued to Henry T. Sy, Jr. and Robert G Coyiuto, Jr. each. The shares are deemed issued as of SEC [approval]. After the said issuance of shares, the percentage of shareholdings of [Sy] and [Coyiuto] are 49.94% and 49.81%, respectively,” the disclosure read.
Sy is Synergy Grid’s Chairman and President, while Coyiuto serves as a Director.
“The issuances of shares were recorded in the books of the Corporation as of September 2, 2021, when the documentary stamp taxes were paid with the Bureau of Internal Revenue,” the disclosure added.
Based on the preliminary prospectus it filed with the SEC, Synergy Grid aims to raise Php28.9 billion through a follow-on offering. Trading of the firm’s stocks in the PSE have been suspended since late May.
The Energy Regulatory Commission has given NGCP until November to be listed in the PSE, via an initial public offering or any other mode. The grid operator is required by its franchise law, Republic Act 9511, to offer to the public at least 20% of its outstanding capital stock within ten years from the beginning of its operations. NGCP commenced operations in 2009.