Synergy Grid gets approval for P1.15-B offering

THE corporate regulator has given the green light for listed holdings firm Synergy Grid & Development Philippines., Inc.’s follow-on public offering of up to P1.15 billion.

“In a letter dated Oct. 7… the Securities and Exchange Commission favorably considered the registration statement filed by the company covering the registration of securities of up to 1.15 billion common shares with a par value of P1 per share,” Synergy Grid said in a recent disclosure.

The price of the shares will range from P15 to P25 per offer share.

Synergy Grid said it will list and trade the securities on the main board of the Philippine Stock Exchange, but this will be contingent on the firm’s submissions of certain documents.

In its preliminary prospectus, the company said the offer’s proceeds will be used to primarily subscribe to the nonvoting preferred shares to be issued by the National Grid Corp. of the Philippines (NGCP).

NGCP is Synergy Grid’s sole operating asset.

In another regulatory filing, Synergy Grid said that JPMorgan Securities plc will not be participating as one of the joint global coordinators and bookrunners of the follow-on offering, citing that this was a “commercial decision” agreed upon by both entities. — Angelica Y. Yang