Garin hopeful on MIC-NGCP deal closing
Energy Secretary Sharon Garin remains optimistic that Maharlika Investment Corp.’s (MIC) P19.7-billion entry into the country’s grid operator could be completed before the year ends.
Energy Secretary Sharon Garin remains hopeful that the P19.7-billion deal between Maharlika Investment Corp. and the National Grid Corp. of the Philippines will be finalized before the end of the year. The deal, which has been in the works for over a year and a half, will grant MIC four board seats across Synergy Grid and Development Philippines Inc. and NGCP once completed.
Although the initial timeline was set for completion within 180 days, negotiations between the parties have caused delays. Garin has not yet received updated information on the deal's progress, noting that there have been modifications to the agreement. The deal is significant for the Marcos administration, as it aims to provide the government with a greater voice in decision-making at the country's power transmission operator.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
