After botched acquisition attempt at utility giant Manila Electric Company (Meralco), the group of Henry Sy Jr. is reportedly being wooed to take another try for investment in the energy sector via propounded equity take in the National Grid Corporation of the Philippines.

It was learned from highly-placed sources that the Sy group’s entry is eyed for the shareholdings of one of the local partners – and may cement alliance with the Coyiuto group of Calaca High Power, which is the other local interest holder in NGCP. It must be noted that BDO, a Sy-controlled bank was NGCP’s major lender when it made down payment for its 25-year concession deal with the National Transmission Corporation.

Reports are rife that the acquisition interest is fixed on the equity of Monte Oro Grid Resources Corporation, but the Razon camp or the group of Walter Brown for that matter, are not confirming if there was indeed plan to sell their equity or part of it in the transmission firm’s corporate vehicle.

If there is any acquisition deal getting firmed up, the source noted that the “expected reckoning date is mid-January next year.”

Expectations have it that the equity buy-in may be finalized before the end of this year, but it was gathered from sources privy to the matter that there have been some contentious concerns needing further resolution.

“There are ongoing talks but we don’t know where that will lead to. As of now, we’re taking a wait-and-see stance,” another source affirmed.

Whenever there is re-alignment in NGCP’s equity landscape, it was noted that the potential impact would be on management changeover – projected to be concretized around March next year.

Via Triratna Holdings Corporation, the group of Sy Jr. surfaced as a ‘serious investor’ in the energy sector when it made a highly-attractive offer of P300/share in the Meralco shares being divested by the Lopez group in November. This somehow mystified the camp of businessman Manuel Pangilinan, that it was prompted to match that price from an earlier offer of P225/share.

NGCP is the corporate vehicle formed by the winning concessionaire in the privatization of TransCo. The upfront payment for the $3.95 billion offer of the company was paid mid-January this year.

The transmission firm’s privatization was largely hinged on the need to inject fresh private capital for the upgrading and expansion of the country’s electricity system’s backbone.

The concession deal, stretching 25 years, originally roped in the two local partners as well as State Grid of China as parties in the transaction.