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MANILA - The bidding for National Power Corp.'s barges failed anew after the lone company that participated in the auction failed to seal a negotiated deal.
Emmanuel R. Ledesma Jr., president of state-run Power Sector Assets and Liabilities Management Corp., said Trans-Asia Oil and Energy Development Corp. of the Phinma Group submitted the lone bid of P95 million for Power Barges Nos. 101 to 104.
Trans-Asia, however, failed to meet Psalm's floor price when the latter opted to pursue a negotiated bid.
"They did not meet the reserve price on all three packages and they also decided not to match any of the packages," said Ledesma.
He did not disclose the reserve price for the asset but "the difference was substantial" compared with Trans-Asia's offer.
Based on its bidding guidelines, Psalm may negotiate a deal for power assets if there is only a single bidder and there are successive bidding failures.
Psalm already conducted an auction for the facilities earlier but declared a failed bidding after only one investor forwarded an offer.
Conrad S. Tolentino, Psalm vice president, said the agency is mulling on whether to re-bid the power barges or renegotiate with Trans-Asia.
Commissioned in 1981, PB Nos. 101 and 102 are 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 is for the winning bidder to deploy the facilities to Mindanao to augment the power supply in the region.
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