SGP said discussions with MIC on its proposed investment remain ongoing, with both parties still negotiating the detailed terms of the transaction and ensuring full regulatory compliance.
“Given the scale and strategic nature of the investment, extensive due diligence and coordination among parties in SGP are required,” the company said in its disclosure.
MIC is eyeing a 20 percent stake in SGP, chaired by tycoon Henry Sy Jr. and owner of 40 percent of the National Grid Corp. of the Philippines (NGCP). This would mark MIC's entry into one of the country’s most critical infrastructure assets.
The company said its current shareholders nominated new directors Justice Lady P. Soriano and Daniel D. Ibasco during its annual meeting on Thursday.
Ibasco brings decades of global investment banking experience, having led Asian Capital Markets for Bear Stearns in Singapore and Hong Kong before founding Fortman Cline Capital Markets, an advisory firm serving major corporate clients.
He holds dual degrees in Economics and Accounting from De La Salle University and pursued graduate studies at Harvard University.
Soriano is a former Development Bank of the Philippines executive and PDIC manager, with a Master’s in Finance from De La Salle University and an Economics degree from Ateneo de Manila University.
—Edited by Miguel R. Camus
