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THE Securities and Exchange Commission (SEC) has approved the
incorporation of the National Grid Corp. of the Philippines, the
consortium of Monte Oro Grid Resources Corp. (MOGRC) that earlier
won the bidding for the country’s power transmission business.
In a disclosure to the Philippine Stock
Exchange, A Brown Co. Inc., a minority stakeholder in MOGRC’s
parent firm Monte Oro Resources & Energy Inc., said that the SEC
has approved the registration of National Grid as a private company
that will operate and maintain the National Transmission Corp.’s (TransCo)
concession for the next 25 years.
National Grid is 60 percent owned by Filipinos
and 40 percent Chinese in accordance with the constitutional
requirement on equity ownership. It has an authorized capital stock
of P2 billion and a paid-up capital of P500 million.
Based on the ownership structure, six Filipinos
representing MOGRC and Calaca High Power Corp. and four Chinese
representing State Grid Hong Kong Limited (SGHK|) were listed as
incorporators. SGHK is a Hong Kong-based company wholly owned by the
State Grid Corp. of China.
The State Grid Corp. of China’s core business
is the transmission, distribution and sale of electricity, and is
the mainland’s largest power grid operator serving the power needs
of 88 percent of its territories.
Under the TransCo bidding rules, the winning
bidder must incorporate a concession corporation, which will apply
for a franchise from Congress to operate the Philippines’ lone
power transmission business.
The Monte Oro consortium earlier submitted the
highest bid of $3.95 billion for TransCo, besting the group of San
Miguel Energy Corp., Dutch firm TPG Aurora BV and Malaysia’s TNB
Prai Sdn Bhd.
-- Euan Paulo C. Añonuevo
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