LISTED holdings company Synergy Grid & Development Phils., Inc. is looking to offer up to 1.05 billion common shares with an overallotment option of up to 101 million shares, based on a preliminary prospectus filed with the corporate regulator.
The offer shares, which are estimated to range from P15 to P25 apiece, are intended to be listed and traded on the main board of the Philippine Stock Exchange.
Synergy Grid said that the shares are to be offered for sale outside the US by joint global coordinators and joint bookrunners, and to certain eligible buyers and other investors back home by the joint domestic lead underwriters and joint bookrunners.
The joint global coordinators and joint bookrunners include BofA Securities, JPMorgan, UBS; while the ioint domestic lead underwriters and joint bookrunners comprise of BDO Capital, BPI Capital, PNB Capital.
There will also be an available overallotment option of up to 101 million shares which can be exercised “from time to time for a period which must not exceed 30 calendar days from and including the listing date.”
“The issuer intends to use the net proceeds from the sale of the firm shares primarily to subscribe to non-voting preferred shares to be issued by NGCP (National Grid Corp. of the Philippines), subject to applicable laws and regulations,” Synergy Grid said in its filing, adding that it will not receive proceeds from the sale of the options shares by the selling shareholder.
NGCP, which maintains the country’s transmission assets, is Synergy Grid’s sole operating asset.
On Tuesday, the Securities and Exchange Commission clarified that it has not yet approved of the securities nor verified the accuracy and completeness of the company’s preliminary prospectus detailing its offer.
Two months ago, the Henry Sy, Jr.-led firm hiked its capital stock to P5.05 billion from its previous P50 million, which previously received clearance from its board of directors and garnered the support of stockholders who held at least two-thirds of outstanding capital stock.
Synergy Grid, through its subsidiaries OneTaipan Holdings, Inc. and Pacifica21 Holdings, Inc., controls 60% of the outstanding capital stock of NGCP.
OneTaipan indirectly holds an equity interest of 30% plus one share in NGCP through its wholly owned Monte Oro Grid Resources Corp.
Meanwhile, Pacifica21 indirectly holds an equity interest of 30% minus one share in NGCP through its full-owned company Calaca High Power Corp. — Angelica Y. Yang
