THE Philippine Stock Exchange lifted the voluntary trading suspension on the shares of Synergy Grid & Development Phils. Inc. controlled by the son of tycoon Henry Sy.
In a memorandum, the local bourse said that Synergy Grid, formerly UEM Development Phils Inc., may resume trading of its shares effective May 30 since it has obtained the approval of the Securities and Exchange Commission to hike its authorized capital stock from which the shares subject to a share swap deal will be taken out.
Its shares were last traded at P217.40 each on November 22, 2010.
In March, the corporate regulator approved Synergy Grid’s capital stock hike from P50 million to P215 million, covering the creation of 100 million common shares and 65 million non-voting, non-cumulative preferred shares at a par value of P1 each.
In March, the corporate regulator approved Synergy Grid’s capital stock hike from P50 million to P215 million, covering the creation of 100 million common shares and 65 million non-voting, non-cumulative preferred shares at a par value of P1 each.
The 100 million common shares has been issued in February to OneTaipan Holdings Inc. and Pacifica21 Holdings in a share swap deal that allowed Synergy Grid to own 100 percent of the outstanding shares of the two shareholders of the country’s power transmission monopoly, the National Grid Corp. of the Philippines.
Henry Sy Jr., who controls Synergy Grid, also owns One Taipan Holdings, while Roberto Coyuito owns Pacifica21 Holdings.
The 65 million non-voting preferred shares would be sold through a public offering.
The 65 million non-voting preferred shares would be sold through a public offering.
Last month, Synergy Grid requested for an extension of the trading suspension until completion of the share swap with the actual transfer of ownership of shares in Pacifica21 and One Taipan to the company.
The company said the transfer of ownership of shares in Pacifica21 and OneTaipan under the share swap is conditioned on the issuance of the Bureau of Internal Revenue of a tax-free exchange ruling, and the Certificates Authorizing Registration based on the agency’s ruling.
Sy earlier bared plans to use Synergy Grid as a backdoor listing vehicle for NGCP, wherein he controls a 30-percent stake.
The NGCP is a consortium composed of Monte Oro Grid and Resources Corp., Coyiuto-led Calaca High Power Corp. and the State Grid Industry Development Ltd. of China.
OneTaipan bought out Monte Oro Grid in March.
Krista Angela M. Montealegre
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