SEC OKs incorporation of National Grid Corp.

The Securities and Exchange Commission has approved the incorporation papers of National Grid Corp. of the Philippines, the new owner of the National Transmission Corp. National Grid was formerly known as the consortium Monte Oro Grid Resources Corp. The approval was reported by A Brown Co. Inc. to the Philippine Stock Exchange on Friday. MOGRC is wholly owned by Monte Oro Resources & Energy Inc., of which A Brown has 18.47 percent interest. A Brown chairman Walter Brown told reporters on Thursday that they are looking at a backdoor listing of National Grid. The new firm has its authorized capital stock pegged at P500 million. Monte Oro offered $3.95 billion for Transco. It is now in the process, which normally takes a year, of asking Congress for the franchise to operate the power grid. - GMANews.TV