D.M. Wenceslao & Associates, Inc. (DMWAI) is venturing into energy projects, expressing interest in the 650-megawatt Malaya Thermal Power Plant (MTPP) in Pililia, Rizal.
In a disclosure to the stock exchange on Friday, the listed property and construction firm said its board of directors approved the firm’s participation in the efforts to privatize assets of the Power Sector Assets and Liabilities and Management Corp. (PSALM), which includes the MTPP and the land housing the facility.
DMWAI Chief Operating Officer Paolo Vincent C. Wenceslao has been authorized to send a Letter of Intent to PSALM in order to receive the necessary documents and notices such as the Supplemental Bid Bulletin and Asset Purchase Management.
PSALM has scheduled the bidding for MTPP’s privatization for Dec. 14. It noted earlier this month that there are already 10 bidders for the facility.
Prior to its privatization, MTPP was operated as must-run unit that is compelled to provide power as deemed necessary to ensure the reliability of supply in the Luzon grid, especially in times of power shortfall. It also provides a measure of system security and voltage support.
The winning bidder however will not be compelled to operate it as a must-run unit.
DMWAI’s core interest is in property development and construction, with plans to spend P12 billion over the next five years for Aseana City, its mixed use estate in Parañaque City. This will include three residential projects with a total saleable area of 88,000 sq.m. and six commercial developments spanning 280,000 sq.m. of leasable space
The company recorded a 31% drop to P524.73 million in attributable profit during the third quarter of 2018, following a 41% decline in revenues to P583 million.
On a nine-month basis, the company’s attributable profit managed to rise 4% to P1.49 billion, despite revenues falling by a third to P1.78 billion.
Shares in DMWAI slipped 0.13% or a centavo to close at P7.56 each at the stock exchange on Friday. — Arra B. Francia

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