NGCP plans backdoor listing via Synergy Grid !-- --
is pushing for a share swap deal that will effectively transform their publicly listed
of
The company's board approved an increase in authorized capital stock to
Of the increase in outstanding capital stock, 4.1 billion common shares will be issued at P20 per share in exchange for 67 percent of the outstanding shares of
and 67 percent of the outstanding shares of
One Taipan is owned by Sy and Coyiuto's Pacifica21, two companies that control NGCP.
, which holds 30 percent plus one share in NGCP. Meanwhile, Pacifica21 owns controlling shares in
, which in turn also owns 30 percent minus one share in NGCP. "The share swap will be undertaken to formally consolidate Sy and Coyiuto's ownership and control of NGCP through a common corporate structure," Synergy Grid said.
The share swap also allows the firm to comply with the requirements of Section 37 of the Revised Corporation Code, which provides that at least 25 percent of the increased capital stock must be subscribed and at least 25 percent of the amount subscribed must be paid either in cash or property. In 2011, NGCP was supposed to do a backdoor listing through publicly listed Synergy Grid via a share swap deal.
However, the transaction was cancelled since they were unable to obtain a tax-free ruling. Under the concession agreement awarded in 2009, NGCP was given 10 years to comply with the public listing requirement.
Meanwhile, the franchise granted by
NGCP had asked the
(
© Pakistan Press International, source