The group, led by an individual with serious energy industry credentials, was in deep in talks for a key stake in Synergy Grid & Development Philippines Inc., the Henry Sy Jr. backed firm that controls the National Grid Corp. of the Philippines, or NGCP.
Maharlika eventually pulled the plug on its proposed investment, first reported by the Philippine Daily Inquirer. But this other deal, unfolding far away from the spotlight, appears to have hit a wall of its own.
InsiderPH learned the parties were close to finalizing a deal, but one sticking point just couldn’t be resolved: who would be calling the shots.
This is no small matter given that NGCP operates the country's electricity transmission network, which some quarters view as the most strategically important infrastructure businesses in the Philippines.
One scenario called for sharing management duties, but the parties ultimately decided it wouldn't (or couldn’t?) work.
“Talks are back to square one,” the insider said.
The status quo holds for now since this group is in no rush anyway and appears willing to wait for its next opening.
For outsiders, the message is clear: In the power business, striking a deal is one thing but sharing power is another matter entirely.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
