16 Feb 2012
The Power Sector Assets and Liabilities Management (PSALM) Corporation recently disclosed that 11 investors have signified their intent to participate in the privatization of the diesel-fired Power Barge (PB) Nos. 101, 102, 103 and 104.
According to PSALM President and Chief Executive Officer Emmanuel R. Ledesma, Jr., 11 prospective bidders comprising both local and foreign companies submitted preliminary bidding requirements for the sale of the power barges.
PSALM's preliminary requirements consist of the submission of a Letter of Interest not later than 14 February 2012, and the submission of a duly executed undertaking and Confidentiality Agreement and the payment of a nonrefundable participation fee of USD3,000 not later than 15 February 2012.
Ledesma further said that PSALM sincerely welcomes this positive response from the private sector considering the lag in the privatization efforts last year. This active participation of the investors in the government's privatization efforts clearly indicates their renewed interest, trust and full support in the present administration.
PSALM has bundled the sale of the power barges in three packages: Package 1 combines PB Nos. 101 and 102; Package 2 includes PB 103; and Package 3 covers PB 104. As per bidding rules, the bidders are required to submit an offer for each of the 3 packages.
"The participants are currently conducting their due diligence audit to ensure utmost transparency in this transaction, and we hope to discuss their issues and concerns on the bidding procedures and transaction documents during the pre-bid conference set on 29 February 2012 at 2 p.m.," Ledesma said.
The deadline for the submission of bids is on Friday, 13 April 2012, at 12 noon.
Commissioned in 1981, PB Nos. 101 and 102 are currently stationed at Bo. Obrero in Iloilo City. PB Nos. 103 and 104, which began operation in 1985, are moored in Botongon, Estancia, Iloilo, and at the Holcim Compound, Ilang, Davao City, respectively.
A condition for the sale of the power barges currently stationed in the Visayas is for them to be transferred to Mindanao to augment the power supply in the region.
Strategic Communications and Partnership Division |