Psalm Paco-Manila lot attracts three buyers


THE Manila Electric Co. (Meralco) and two more firms expressed interest in acquiring the Paco-Manila property of the Power Sector Assets and Liabilities Management (Psalm) Corp. for P527 million via a negotiated process.

The state firm said late Wednesday that Meralco, Simon Agribusiness and Philman Corporate Distribution Corp. attended the pre-negotiation conference for the third round of negotiated sale process for its Paco-Manila property.

This activity ensured that the interested parties are well-acquainted with the refinements of the sale provisions, including the requirements and the process involved in Psalm’s negotiated sale process.

The property is located in Isla de Provisor, Manila. It consists of eight lots with an indicative area of 20,975 square meters. Its minimum offer price (MOP) is set at P527,087,552.

The offer submission deadline for this asset is scheduled on August 31 at 1:00 p.m.

“We are very optimistic that we can privatize this 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,” Psalm CEO Irene Besido-Garcia, President and CEO said.

The state firm earlier released a bid invite for the third round of negotiated sale process. It is soliciting offers for the property that used to be the site of the decommissioned Manila Thermal Power Plant.

Proceeds from the sales of all Psalm assets are utilized to settle maturing obligations and minimize the state firm’s borrowings.

Section 49 of the EPIRA created the PSALM Corp.

Psalm, a government-owned and -controlled corporation, was created with the passage of Republic Act 9136, otherwise known as “Electric Power Industry Reform Act of 2001,” or Epira, to take ownership of all existing generation assets, liabilities, independent power producer contracts, real estate and all other disposable assets of the National Power Corp.

By operation of law, Psalm has become a successor-in-interest of Napocor, and to manage the orderly sale, disposition and privatization of these assets with the objective of liquidating all the financial obligations and stranded contract costs of Napocor.

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