APT bares latest asset dispositions

Asset Privatization Trust (APT) chairman and chief executive Renato B. Valdecantos announced the sale of certain government assets that were approved for disposition by the Committee on Privatization (COP) chaired by Finance Secretary Jose Pardo last Feb. 5, 2000.

Valdecantos disclosed the successful sale of specific assets belonging to the following companies and their respective winning bidders: Philippine Cellophane Film Corp. (PCFC), awarded to Villasan Contractors; Davao Timber Corp. (DTC), awarded to Herminigildo Odulio and Ramon Repolido; North Davao Mining Corp. (NDMC), awarded to Jose Brasona; Interland Chemicals Inc. (ICI), awarded to the same Mr. Repolido as above; and Basay Mining Corp. (BMC), awarded to Anseca, a business firm.

The APT board of trustees, composed of Valdecantos and associate trustees Quirino B. Baterna, Jaime S. dela Rosa, Raymundo T. Francisco and Solon R. Garcia, also approved the disposition plans of certain assets of the following eight companies, subject to the approval of the COP, including APT's "big ticket" or blue-chip assets for the year 2000 namely: Menzi Development Corp. (Mendeco), Negros Occidental Copperfield Mines Inc. (Nocomin), Al-Amanah Islamic Investment Bank (AIIB), Radio Philippine Network (RPN-9), Manila Electric Co. (Meralco), Philippine National Construction Corp. (PNCC), Philippine Phosphate and Fertilizer Corp. (Philphos), and International School (IS) property.