MANILA -- The Philippines' newly launched sovereign wealth fund will make its first investment, acquiring a 20% stake in a local grid operator, according to an announcement on Monday.
According to a statement from the Presidential Communications Office, Maharlika Investment Corp. will subscribe to preferred shares offered by locally listed Synergy Grid and Development Philippines (SGP), which holds a 40.2% ownership interest at the nation's grid operator, National Grid Corp. of the Philippines (NGCP).
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