With franchise 'challenged,' NGCP bucks IPO at this time

ABS-CBN News

Posted at Dec 03 2019 04:40 PM

MANILA -- The Filipino-Chinese joint venture that operates the Philippines' power grid, NGCP, said Tuesday it was not a "good time" to list shares on the stock exchange with some issues still unsettled.

The National Grid Corp, which is parrying criticism that its Chinese partner could control the grid, of the transmission lines between power plants and distributors, said it would seek an extension for its initial public offering.

The NGCP franchise is being "challenged" and "if we go on with this IPO, we will just be defrauding the investors because you put in your money, mawalan 'yan ng franchise (the franchise could be gone)," said its spokeswoman, Cynthia Alabanza.

"We're saying we don't think it's a good time and if you agree with us, allow us that period within which to settle these matters and then we could go on an IPO," she said.

The deadline for the IPO lapsed last January.