Henry Sy, Jr. retires from NGCP to focus on real estate

THE board of directors of privately owned National Grid Corporation of the Philippines (NGCP) approved on Wednesday the request of its president and chief executive officer Henry T. Sy, Jr. to avail of an early retirement “to focus on his real estate business.”

“The Board approved Mr. Sy’s application for an early retirement effective immediately and designated Chief Administrative Officer Anthony L. Almeda, as Officer-in-Charge,” the company said in a statement.

The statement, prepared by the company’s external communications group, also said the board commended Mr. Sy’s seven years of service to the company “from its inception to its current status as operator of the country’s power grid.”

Aside from his position at NGCP, Mr. Sy is also chairman of property giant SM Prime Holdings, Inc. (SMPH), vice-chairman of SM Investments Corp., and chairman and president of Synergy Grid & Development Phils., Inc. All three companies are listed at the Philippine Stock Exchange.

Mr. Sy’s retirement comes a day after Synergy Grid’s share prices have moved unusually at the stock exchange, to which the company said it was unaware of any undisclosed information that could have resulted in the price movement in the trading of its shares. Mr. Sy holds a 44.5% equity in the company, based on Synergy Grid’s annual report.

Synergy Grid lists Mr. Sy’s “business experience” to include his posts as vice-chairman and CEO of SM Development Corp.; director, vice-chairman and president of Highlands Prime, Inc.; chairman of Pico de Loro Beach 7 Country Club; director, chairman and president of Onetaipan Holdings, Inc.; director, chairman and president of Monte Oro Grid Resources Corp.; and director, chairman and president of SM Synergy Properties Holdings, Inc.

Mr. Sy is the son of Henry Sy, Sr., the wealthiest man in the Philippines with a net worth of $20.1 billion according to Forbes Magazine in its 2017 list.

On Wednesday, shares in Synergy Grid, previously said to be the backdoor listing vehicle for NGCP, jumped 50% or P292.50 to P877.50 each. While shares in SMPH were down by 0.42% to P35.85 each. — Victor V. Saulon