DISTRIBUTION utility Manila Electric Co. (Meralco) and two other firms have expressed their interest in participating in the latest negotiated sale of state-run Power Sector Assets and Liabilities Management Corp.’s (PSALM) property in Paco, Manila.
The asset, which is made up of eight vacant lots covering over 20,900 square meters, is located in Isla de Provisor. The minimum bid is set at P527.09 million.
In a statement on Wednesday, PSALM said that the utility giant, along with an animal feed distributor and an equipment provider, are the “interested parties” that attended the property’s virtual pre-negotiation conference on Aug. 10.
It identified the companies as Simon Agribusiness and Philman Corporate Distribution Corp.
The event sought to brief interested applicants on the sale’s provisions, and requirements in the negotiated sale.
“We are very optimistic that we can privatize this Paco-Manila property very soon. We will continue to try to sell this asset because we need to use the proceeds for payment of PSALM’s financial obligations,” said PSALM President and Chief Executive Officer Irene J. Besido-Garcia.
Those who wish to submit offers for the Paco, Manila property must do so on or before 1:00 p.m. of Aug. 31.
Interested parties can download the negotiation package from PSALM’s website. They may also request for a copy of the forms by sending an e-mail to APD1@psalm.gov.ph or pbacsecretariat@psalm.gov.ph.
According to PSALM, proceeds from all of its asset sales are used to settle maturing obligations and reduce the company’s borrowings.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., which has interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang
