In a disclosure, Synergy Grid said that it had received on June 24 an order issued by the Energy Regulatory Commission declaring the acquisition to have satisfied Section 8 of Republic Act No. 9511, the law that granted privately owned National Grid Corp. of the Philippines its franchise.
It also said that when it acquired indirect ownership of 40.2% of NGCP’s outstanding capital stock, the ERC declared the grid operator as compliant with the requirement of its franchise law. Section 8 of its franchise law requires NGCP to make a public offering of its shares representing 20% of its outstanding capital stock or a higher percentage that may be provided by law.
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