Synergy Grid upbeat on share-swap deal next year
Credit to Author: Jordeene B. Lagare| Date: Mon, 23 Dec 2019 13:00:09 +0000
SYNERGY Grid & Development Philippines Inc. is optimistic that the planned share swap with businessmen Henry Sy Jr. and Robert Coyiuto Jr. will materialize in early 2020, according to one of its officials.
In a recent interview, Synergy Director Vicente Gerochi 4th said the company planned “to do that (share swap) immediately [at] the start of the new year.”
His remarks come after Synergy told the Philippine Stock Exchange that it signed an agreement on the swap with the two businessmen that would transform the listed firm into the holding company of the National Grid Corp. of the Philippines.
It already secured the approval from its board and shareholders for the move.
“Now that we have shareholders’ approval, the first thing we need to do now is to get [the] clearance [of the] PCC (Philippine Competition Commission), because we cannot proceed without” it, Gerochi said.
“Once we get that approval, then we can file with the SEC (Securities and Exchange Commission) to amend the articles to increase the capital because that is necessary for the share swap,” he added.