SEC, Synergy Grid shareholders approve company’s capital increase to P5.3 billion

THE corporate regulator and the shareholders of Synergy Grid & Development Phils., Inc. have approved the listed holdings firm’s amendment to its articles of incorporation to hike its authorized stock to P5.3 billion from P5.05 billion.

The Securities and Exchange Commission (SEC) gave the green light for the amendment on Aug. 25, while the firm’s stockholders cleared the revision on Aug. 10.

Synergy Grid’s board of directors approved the hike on June 30. “As a result, 31,250,000 shares were issued to [Chairman and President] Henry T. Sy, Jr. and [Director] Robert G. Coyiuto, Jr. each. The shares are deemed issued as of SEC approval,” Synergy Grid told the local bourse in a disclosure on Wednesday.

“The issuances of shares were recorded in the books of the corporation as of Sept. 2, 2021, when the documentary stamp taxes were paid with the Bureau of Internal Revenue,” it added.

Mr. Sy now has 49.94% shareholdings, while Mr. Coyiuto holds 49.81%, following the share issuance.

Synergy Grid’s sole operating asset is National Grid Corp. of the Philippines (NGCP), which maintains the country’s transmission assets.

Last month, the Energy Regulatory Commission (ERC) said it will not be extending the deadline for NGCP’s initial public offering, adding that the privately led firm will need to submit all of its listing requirements on or before Nov. 14.

In an order dated last month, ERC noted that it had yet to see “actual compliance” from NGCP regarding its duty to fulfill its public listing requirement under its franchise. NGCP was said to have increased its initial public offering size to at least $1.5 billion, according to a Bloomberg report earlier this year.

Synergy Grid’s shares were last traded at the local bourse on May 28, ending at P395.80 apiece.

Trading of its shares were suspended due to the firm’s noncompliance with the required minimum public ownership, based on the stock exchange’s rules. —