Son of Henry Sy to buy National Grid shareholder

Liza Reyes, ABS-CBN News
MANILA, Philippines - A company controlled by the son of Philippine mall tycoon Henry Sy will buy Monte Oro Grid Resources Corp., which has a 30% interest in the National Grid Corp. of the Philippines (NGCP).

OneTaipan Holdings Inc. will acquire Monte Oro for approximately $350 million. Funds for the acquisition will come from equity and debt arranged by a foreign financial institution.

"The investment represents our commitment to be a part of the power sector, which is a critical engine to the country's development and growth. NGCP's ability to provide a reliable and cost-effective transmission facility and services will directly redound to the benefit of various industries and the masses," said Henry Sy Jr. Read more...