Maharlika targets to close NGCP stake purchase in H1

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March 20, 2026 | 12:00am

MANILA, Philippines —  Maharlika Investment Corp. (MIC) is looking to seal its long-delayed entry into the National Grid Corporation of the Philippines (NGCP) within the first half of this year.

MIC president and CEO Rafael Consing said the sovereign wealth fund is still pursuing the completion of its P19.7-billion deal to acquire a 20 percent stake in Synergy Grid & Development Phils. Inc. (SGP), the holding firm of NGCP.

“Yes, aiming for first half,” Consing told The STAR in a Viber message.

The pushback in the timeline has raised concerns as the binding term sheet requires parties to close the deal within 180 days of signing in January 2025.

As the transaction remained unfinished, Consing added that there are “no official names for the two (NGCP) board seats yet.” He did not disclose the reason for the delay.

The deal, subject to closing conditions, grants MIC four board seats — two each at SGP and NGCP.

SGP holds 60 percent of NGCP’s voting rights, while the State Grid Corp. of China controls the remaining 40 percent.

Energy Secretary Sharon Garin earlier said the sovereign wealth fund manager was still requesting more documents from NGCP before reaching financial closing.

Aside from its ongoing negotiation on energy, Maharlika has lodged investments in different sectors, including the P8-billion investment in Asian Terminals Inc. and a $76.4 million feasibility loan to Makilala Mining Co. Inc.

For this year, MIC said it is hoping to close investment deals with agricultural companies within the first half. Other strategic pillars it identified includes energy, logistics and mining.

In 2024, MIC reported a net income of P2.68 billion, just a year after its creation in 2023.