Business

Meralco, 2 others seen fighting for PSALM’s biggest games in Paco

Statens firma Power Sector Assets and Liabilities Management Corp. is bullish and it would finally be able to divest its Paco-Manila property with Manila Electric Co. (Meralco) and two other interested parties.

A pre-negotiation conference was held online on August 10 last year, where representatives from Meralco, Simon Agribusiness and the trading company Philman Corporate Distribution Corp.

“We are very optimistic that we can privatize this Paco-Manila property very soon,” Salme President and CEO Irene Besido-Garcia said in a statement.

Deadline: August 31st

“We will continue to try to sell this asset because we need to use the proceeds to pay Salmen’s financial obligations,” Garcia said.

Potential buyers must submit their offers no later than 13 on 31 August.

The Paco-Manila property consists of eight non-contiguous plots, covering a total area of ​​more than 2 hectares (20,975 square meters), in Isla de Provisor in Manila.

Floor price at P527.1M

This is the former site of the disused Manila thermal power plant, which was sold in 2008.

This is the Psalm’s third attempt at a negotiated sale. The floor price is set at P527.1 million, which is higher than the previous round’s P458.3 million.

In advising potential buyers, Psalm said the lots were located in a prime area, close to a major shopping mall, several public institutions, colleges and universities and businesses.

These include, among others, a Meralco substation, the Torre de Manila condominium building and the respective shopping malls for the SM and Robinsons groups, as well as Adamson University, Technological University of the Philippines and Philippine Women’s University.

Salme said the area around the parties was classified as a mixed-intensity zone and the university cluster zone.

Of the eight lots, the largest has an area of ​​10,025.4 sqm, while the smallest is 3.8 sqm, which “shares a land title with a plot of 297.4 sqm.”

Privatization income is used to settle Psalm’s outstanding liabilities, which at the end of 2020 were DKK 388.9 billion.

Hymn commitments assumed by National Power Corp. under the Electric Power Industry Reform Act of 2001, peaked at P1.2 trillion in 2003.

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