It’s still a wait-and-see for the deal between state-run Maharlika Investment Corp. (MIC) and Synergy Grid & Development Philippines Inc. (SGP), as the closing of their transaction is on hold pending additional documents, according to the latest update from the Department of Energy (DOE).

On the sidelines of Pilipinas Conference 2025, Energy Secretary Sharon Garin said she has spoken with the MIC regarding updates on its planned 20-percent stake in SGP, which has yet to fulfill its financial closure for more than 90 days since the binding offer.

“So far, they haven’t signed anything because they’re still asking for documents from NGCP [National Grid Corp. of the Philippines]. So, that’s the latest information that was given to us... Basically, the deal is not yet done,” she told reporters in an ambush interview on Friday, Nov. 21.

The deal was announced and accepted in January, with signatures originally expected within 90 days, or about three months from acceptance.

The parties were also given the option to extend the deadline by another 180 days. However, Garin noted that the process could stretch to as long as one year before all the necessary processes to allow the MIC to have a presence in NGCP.

“Maybe [the deal will close] next year. I don’t want to get into who has been doing what and who has not been doing what. But it’s taking a while. Maybe it’s the negotiations,” she shared.

“MIC is asking for more documents from NGCP, so they’re still waiting now. So, I don’t know if that’s [an] important delay.”

MIC has yet to disclose the details of the documents it has requested from the listed company that controls the country’s grid operator.

Once signed, the 20-percent investment would open four seats on the board of directors: two for SGP and two for NGCP.

This was supposed to be MIC’s maiden investment once the acquisition is completed, with a planned value of ₱19.7 billion.