With management changeover forthcoming at the helm of the country’s transmission firm after the entry of Henry Sy Jr.’s group, a former official of the National Transmission Corporation (TransCo) was reported to be the incoming president of the National Grid Corporation of the Philippines (NGCP).

Former TransCo senior vice president and chief operating officer Rex F. Corpuz was reportedly eyed as the replacement for Dr. Walter Brown, who has been NGCP’s chief executive since the takeover of the concessionaire in January last year.

The takeover of the new management is expected in the coming days or weeks, and when everything falls into place, the entire process will be consummated before the end of this month.

Sy Jr.’s long-reported foray into NGCP was finalized via One Taipan Holdings, which made the $350-million acquisition of the equity held by the Razon group at Monte Oro Grid Resources Corporation, accounting for the 30-percent shareholdings in NGCP. The gross value of the transaction was $590 million, including debt portion.

Sy’s acquisition was made through Soreste Holdings which is owned by Ricky Razon. By undertaking equity take at that level, Sy’s entry would not be able to violate provisions in the concession agreement, especially the 10-year lock-in period, highly-placed sources noted.

In a press statement, Sy Jr., noted that “the investment represents our commitment to be a part of the power sector which is a critical engine to the country’s development and growth,” adding that it “will fund the acquisition from equity and debt arranged by a foreign financial institution.”

With the forthcoming entry of new shareholders at the concession firm, it is expected that point of order will finally be achieved especially at the company’s management. Reports have never faded on the alleged infighting of the shareholders, hence, affecting some critical management decisions.

San Miguel Corporation president Ramon S. Ang denied any involvement in the transaction, noting that when Sy sought his opinion about NGCP, he just offered his two-cents’ worth that it would be a “good deal.” “SMC did not spend even one peso to join that transaction, if I have then I would have to disclose that… I just advised (Sy and Coyiuto) that it’s a good deal, it’s a super deal, but I did not participate,” Ang stressed.

Sy noted that one area they would be focusing on to fix will be to “work closely with the other shareholders to ensure that NGCP delivers on its commitment to provide transmission reliability and efficiency; adding that this will be anchored on continuously improving its facilities and keeping the NGCP workforce highly motivated.” NGCP employees have, at times, whined for the misgivings of the outcoming management; especially when comparing the privileges that other privatized power firms have been getting.