EPISODE #321: SGP - Synergy Grid & Development Phils., Inc. (Performance & Financials Review)
Peso Smart PH: Investing in the Philippines
English - February 02, 2024 15:24 - 15 minutes - 14.5 MB - ★★★★★ - 1 ratingInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Company Description of SGP (PSE Edge):
- Synergy Grid & Development Phils., Inc. (SGP) was originally incorporated on June 1, 1970 as Mankayan Minerals Development Company, Inc. On February 22, 1994, the Securities and Exchange Commission (SEC) approved the Company's change in corporate name to UEM Development Phils., lnc., and the change in primary purpose from engaging in mining activities to general construction and other allied businesses.
- On March 28, 2011, the SEC approved the change in corporate name to the present one, as well as the change in primary purpose to engage in power, energy, utilities, infrastructure and allied businesses.
- On December 20, 2019, SGP entered into a share swap transaction with the stockholders of OneTaipan Holdings, Inc. (OTHI) and Pacifica2 Holdings, Inc. (P21). As a result, SGP owned 67% of the outstanding shares of each OTHI and P21. OTHI owns controlling shares in Monte Oro Grid Resources Corporation (MOGRC), which holds 30% plus one share in National Grid Corporation of the Philippines (NGCP). P21 owns controlling shares in Calaca High Power Corporation (CHPC), which in turn owns 30% minus one share in NGCP. The share swap transaction was undertaken to formally consolidate the two major shareholders' ownership and control of NGCP through a common corporate structure. Accordingly, the effective ownership of SGP in NGCP will be 40.20%, with control of 60% voting rights through subsidiaries MOGRC and CHPC.
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