The National Grid Corporation of the Philippines (NGCP) said it has “started complying” with its initial public offering (IPO) requirement and is “on track” to completing the process.
This comes following the Energy Regulatory Commission’s (ERC) junking of NGCP’s appeal for it to extend the period in which it can stage the IPO. In the same ruling, issued on March 10 and promulgated on Monday, the ERC gave NGCP six months to conduct the public offer.
NGCP spokesperson Atty. Cynthia Alabanza said the grid operator is mindful of the six-month deadline.
Based on the ERC ruling, the quasi-judicial regulator has verified that NGCP’s application for the approval of its registration statement with the Securities and Exchange Commission and listing with the Philippine Stock Exchange will be filed in June. Approvals, meanwhile, are expected by August, which is within the six-month timeframe.
Under Section 8 of Republic Act 9511 or NGCP’s congressional franchise, the grid firm is mandated to offer least 20% of its outstanding capital stock to the public within ten years from the beginning of its operations. NGCP began operations in 2009.
The ERC also ordered NGCP to submit a compliance report on its public listing activities on or before the 5th day of every month.