This will see the sovereign wealth fund get two seats in the board of both companies.
In a contract signing ceremony witnessed by President Bongbong Marcos, Jr. at Malacañang, Maharlika Investments Corporation (MIC) and Synergy Grid and Development Philippines Inc. (SGP) inked an deal.
The bind is for MIC’s acquisition of a 20% stake in SGP and the government views this as a way of the country regaining its foothold in the power infrastracture — which has been in the hands of a private-led firm in National Grid Corporation of the Philippines (NGCP) for over a decade.
“Sa kauna-unahang pagkakataon mula nang maitatag ang 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗚𝗿𝗶𝗱 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝘁𝗵𝗲 𝗣𝗵𝗶𝗹𝗶𝗽𝗽𝗶𝗻𝗲𝘀 [𝗡𝗚𝗖𝗣], magkakaroon na ng boses ang taong-bayan sa mga mahahalagang desisyon nito,” the post on Marcos’ social media page read.
It continued, “Sa pamamagitan ng 𝘔𝘢𝘩𝘢𝘳𝘭𝘪𝘬𝘢 𝘐𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘊𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘪𝘰𝘯, sinisiguro natin ang mas malaking impluwensya ng gobyerno upang mapatatag ang suplay ng kuryente at mapanatili ang makatarungang presyo nito para sa bawat Pilipino.”
SGP owns a 40.2% interest in NGCP, with MIC suscribing to its preferred shares in this deal.
This will allow Maharlika to secure two seats in SGP, and another two in the NGCP.
Maharlika Investment Corporation is the sovereign-wealth fund founded by the Marcos, Jr. administration in 2023.