Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Synergy Grid cleared on ownership dispersal in NGCP stake acquisition

by
June 27, 2022
in Investing News
0
Synergy Grid cleared on ownership dispersal in NGCP stake acquisition
0
SHARES
18
VIEWS
Share on FacebookShare on Twitter

SYNERGY GRID & Development Phils., Inc. said on Monday that the energy regulator had ruled that its acquisition of 40.2% of the outstanding capital stock of the country’s power grid operator satisfies the requirement of the law on ownership dispersal.

In a disclosure, Synergy Grid said that it had received on June 24 an order issued by the Energy Regulatory Commission (ERC) declaring the acquisition to have satisfied Section 8 of Republic Act No. 9511, the law that granted privately owned National Grid Corp. of the Philippines (NGCP) its franchise.

Synergy Grid said that as a listed company, it had met the minimum public ownership requirement under the rules of the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange when it had a follow-on public offering in November 2021 to disperse at least 20% of its capital stock to the public.

It also said that when it acquired indirect ownership of 40.2% of NGCP’s outstanding capital stock, the ERC declared the grid operator as compliant with the requirement of its franchise law.

NGCP is in charge of operating, maintaining, and developing the state-owned electricity grid, which is an interconnected system that transmits high voltage power from plants to where it is needed.

Section 8 of its franchise law requires NGCP to make a public offering of its shares representing 20% of its outstanding capital stock or a higher percentage that may be provided by law.

The listing must be within 10 years from the start of its operation. NGCP started operating as a power transmission service provider in 2009. Its statutory deadline to list should have been in 2019.

In November 2018, NGCP sought ERC approval to extend its listing deadline. In the regulator’s final order, the company’s period of compliance was extended until November 2021.

The law also provides that the listing on the exchange of any company that directly or indirectly owns or controls at least 30% of NGCP’s outstanding shares of stock “shall be considered full compliance of this listing requirement.”

NGCP is Synergy Grid’s sole operating asset.

On Monday, shares in Synergy Grid slipped by 0.33% or four centavos to close at P12.16 each. — VVS

ShareTweetPin

Related Posts

Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case
Investing News

Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case

August 23, 2022
ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts
Investing News

ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts

August 23, 2022
Malaysian trade official urges PHL to sign up for RCEP  
Investing News

Malaysian trade official urges PHL to sign up for RCEP  

August 23, 2022
Next Post
EEI to reallocate offering proceeds

EEI to reallocate offering proceeds

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Bill on ease of paying taxes  hurdles House committee

Bill on ease of paying taxes  hurdles House committee

August 17, 2022
Cebu Landmasters plans to offer up to P8-B bonds

Cebu Landmasters plans to offer up to P8-B bonds

June 21, 2022
Term deposit yields slip amid US recession fears

Term deposit yields slip amid US recession fears

July 13, 2022
Do You Need an MMJ Card to Buy CBD Oil Online?

Do You Need an MMJ Card to Buy CBD Oil Online?

June 12, 2022
Gov’t budget utilization hits 99% at end of June

Gov’t budget utilization hits 99% at end of June

July 19, 2022
The future of businesses and jobs in the blockchain

The future of businesses and jobs in the blockchain

June 26, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.