Four investor groups join pre-bid conference for PB 101-104

05 Jul 2012

Four (4) investor groups are participating in the sale of the diesel-fired Power Barge (PB) Nos. 101, 102, 103 and 104 after completing the initial requirements set by the Power Sector Assets and Liabilities Management (PSALM) Corporation for the privatization of the four power facilities.

The four prospective bidders, three of whom had previously participated in PSALM's bidding activities, submitted a Letter of Interest, paid a nonrefundable participation fee of USD3,000, and executed a Confidentiality Agreement and undertaking with PSALM before the 04 July 2012 deadline.

All four bidders attended the Pre-bid Conference conducted by PSALM at its Makati City office on Thursday, 05 July 2012, wherein the bidding procedures and transaction documents regarding the asset sale were discussed.

PSALM reiterated that the sale of the power barges includes three packages: Package 1 combines PB Nos. 101 and 102; Package 2 includes PB 103; and Package 3 covers PB 104. The bidding rules require bidders to submit offers for each of the three packages. 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.

The deadline for the submission of bids is on Wednesday, 15 August 2012, at 12 noon, with the evaluation of bids to follow immediately.

Since the bidding for the four power barges is in the second round, PSALM pointed out that it has the option to enter into a negotiated sale should the auction fail again.

The first round of bidding for the power barges held last 16 May 2012 was declared a failure after only one bidder submitted an offer before the deadline.

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.

Strategic Communications and Partnership Division
Tel. No. (632) 9029067