Allengoal ready to join NSC bidding

Allengoal Steel Fabrication & Trading Co. is ready to join the rebidding for the right to operate the mothballed National Steel Corp. (NPC).

Allengoal president Alexander S. Delmo, in a letter sent yesterday to NSC liquidator Danilo Concepcion, indicated that Allengoal will participate in the Oct. 23 bidding on the condition that the evaluation committee issues a clarification on the terms of reference of the bidding.

"In line with the expressed desire of Hottick Investment Ltd. that we participate in the bid, we will participate without prejudice to and without abandoning our motion at the Securities and Exchange Commission to allow and approve implementation of our existing lease."

Allengoal claims that it has a valid lease contract with NSC. The contract was entered into by NSC and Allengoal in May 2000.

However, Allengoal is asking clarification from the Evaluation Committee on the terms of reference for today’s (Oct. 23) tender for lease of the NSC plant in Iligan.

Allengoal is, thus, also calling for a deferment of the deadline to allow the Evaluation Committee to clarify the terms of reference.

Allengoal lead counsel Celso de las Alas said that Allengoal is keeping its option open to take legal action, but is "prepared to put it off for the moment."

De las Alas, however, questioned the seeming "under haste" of the Evaluation Committee in processing other lease proposal without waiting for the resolution of Allengoal’s claim with the SEC.

Allengoal also wants Concepcion to clarify if the bidding for new lease proposals is part of the rehabilitation of NSC or is in relation to the liquidation of the steel firm.