No official agreement made by Maharlika on NGCP board slots— SGP

Synergy Grid & Development Phils., Inc. (SGP) clarified that no official correspondence has been made by the Maharlika Wealth Fund regarding potential funding or investments in the National Grid Corp. of the Philippines (NGCP).

This disclosure was issued in response to a report by Bilyonaryo saying that the Maharlika Wealth Fund is pushing for representation with four board seats in the NGCP.

“SGP has no information or knowledge on the abovementioned matter. Upon inquiry, NGCP has not received any formal correspondence from the Maharlika Wealth Fund regarding any investment into NGCP,” said SGP.

The firm further added that it will make the appropriate announcements to the public once such matters are verified.

The alleged proposal would go beyond the 20% stake that NGCP’s primary stakeholders, including China’s State Grid Corporation, were reportedly prepared to give up.

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