The Energy Regulatory Commission has cleared the mode of ownership dispersal pursued by the National Grid Corporation of the Philippines last year.
“The motion raised by NGCP is hereby granted and it is hereby compliant with Section 8 of RA 9511,” the ERC ruled, adding that it did not limit NGCP’s manner of compliance with the listing requirement. “NGCP resorted to the second mode of compliance provided under Section 8 of RA No. 9511,” said the ERC, referring to “the listing in the PSE [Philippine Stock Exchange] of any company which directly or indirectly owns or control at least 30 percent of the outstanding shares of stock of NGCP.”
“Therefore, when SGP acquired 67 percent of the total outstanding shares of stock of OneTaipan and Pacifica21, respectively, indirect ownership of 40.2 percent of the outstanding shares of stock of NGCP was acquired by SGP. Considering that SGP is a company listed in the PSE, NGCP is compliant with Section 8 of RA 9511,” the ERC said.
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