MANILA, Philippines – Robert Coyiuto Jr. has stepped down as vice chairman and director of Synergy Grid & Development Philippines (SGP), which owns 40.2% of the National Grid Corporation of the Philippines (NGCP). The latter manages the state-owned power grid.

During SGP’s annual stockholders meeting on Thursday, October 16, Coyiuto was not elected as a director for the 2025 to 2026 period after 13 years in SGP’s leadership.

Coyiuto and Henry Sy Jr. each own 38.94% of SGP, according to the company’s latest list of top 100 stockholders. Sy was reelected as chairman of SGP’s board, but Coyiuto is no longer listed as vice chair and director.

In a disclosure to the Philippine Stock Exchange on Friday, October 17, SGP clarified that Coyiuto remains a shareholder of the company, and that the new directors were nominated by current shareholders.

Coyiuto’s seat went to SGP’s treasurer and chief finance officer Justice Lady P. Soriano. She was appointed to the post in 2021 following the resignation of treasurer and director Dave Nhowel Asejo to pursue other engagements.

Another newcomer to SGP’s board is independent director Daniel Ibasco. He is the owner and co-founder of investment banking boutique Fortman Cline Capital Markets, and previously served as managing director of American investment banking firm Bear Sterns.

Ibasco replaced Saturnino Juan as independent director after the latter’s appointment as Energy Regulatory Commission (ERC) chair.

Coyiuto’s exit from SGP’s leadership has rekindled talks that the Maharlika Investment Corporation (MIC), which runs the Philippines’ first sovereign wealth fund called Maharlika Investment Fund (MIF), finalized a deal to secure 20% of the grid operator.

SGP clarified that negotiations with MIC are still ongoing, as they are still discussing detailed terms of the deal.

“Given the scale and strategic nature of the investment, extensive due diligence and coordination among parties in SGP are required. Discussions also continue on the investment structure and governance arrangements to ensure alignment with shareholder and regulatory expectations,” the company wrote.

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SGP’s share prices plunged 5.06% on Friday trade to P15.38 apiece following the news. – Rappler.com

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