Philippines' China-backed power grid operator avoids IPO

Owner of National Grid Corporation of the Philippines chooses to sell shares

20211025 NGCP

The NGCP has the Philippines' electricity transmission network all to itself. (Photo from NGCP's Facebook page)

CLIFF VENZON, Nikkei staff writer

MANILA -- The majority stockholder of the Philippines' power grid operator, which has courted controversy over issues including Chinese ownership, is set to kick off a crucial share sale on Tuesday to comply with regulations.

Synergy Grid & Development Phils plans to sell up to 1.15 million shares, including overallotment option, at 12 pesos ($0.24) apiece in a follow-on offering to increase its public ownership, a requirement to remain listed on the Philippine Stock Exchange.

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