NGCP–Maharlika deal delay pushes closing to 2026

Talks between the National Grid Corp. of the Philippines (NGCP) and the Maharlika Investment Corp. (MIC) on a planned equity acquisition have stalled, pushing the expected deal closure into 2026, according to Energy Secretary Sharon Garin.

“MIC is asking for more documents from NGCP,” Garin told reporters Friday, confirming that no agreement has been signed as negotiations continue to face delays.

Asked whether the transaction could be finalized before year-end, Garin said, “This December? Maybe next year,” adding that discussions between MIC and NGCP “are not over yet.”

Garin earlier wrote MIC to request updates on the sovereign wealth fund’s proposed 10% buy-in amid inquiries from legislators.

“So far, they haven’t signed anything because they’re still asking for documents from NGCP,” she reiterated.

The potential investment was first disclosed in January through a stock exchange filing by Synergy Grid and Development Philippines Inc. (SGP), NGCP’s publicly listed parent firm.

Under a binding term sheet, MIC agreed to acquire a 20% stake in SGP — a transaction initially expected to close within 180 days.

SGP holds 60% of NGCP’s voting shares, while the remaining 40% is owned by the State Grid Corp. of China.

If the deal extends into next year, it would mark a delay of nearly 12 months since its public announcement.

The slowdown comes amid leadership changes at SGP, including the October resignation of Vice Chair Robert Coyiuto Jr., which has fueled speculation over MIC’s strategic interest in the power transmission operator.

NGCP is the country’s sole private transmission concessionaire, overseeing the operation, maintenance, and expansion of the national power grid under a 25-year legislative franchise granted in 2009.

The entry of MIC, the Philippines’ sovereign wealth fund, into the energy infrastructure sector is viewed as part of broader efforts to strengthen national participation in critical industries.