10 groups eye Mimosa Leisure Estate

Ten investor groups have expressed interest to operate the Mimosa Leisure Estate in Clark, Pampanga, a top Clark Development Corp. (CDC) official said.

The CDC took over Mimosa in 1998 after former owner Mondragon International Philippines Inc. (MPI) of businessman Jose Antonio U. Gonzalez failed to settle back rentals with CDC as well as other obligations with the Philippine Amusement and Gaming Corp. (Pagcor) and the Bureau of Internal Revenue (BIR) worth around P325 million

CDC president and chief executive officer Antonio Ng said six foreign groups and four local investor groups are making a bid for the 12-hectare Mimosa estate. He, however, refused to identify them since the CDC is still in the process of verifying the eligibility of these investor groups.

"We expect to eventually trim down the number of bidders to four or five. It will involve a new lease agreement," Ng said.

Ng added he expects the bidding process to be completed by June this year.

He said the winning bidder would need to infuse P1.6 billion in initial investments in Mimosa.

Mimosa has a 16-hole championship golf course, a 304-room five-star hotel, a gaming casino and various deluxe furnished villas. MIPI had filed a petition with the Supreme Court seeking to stop the sale of the leisure estate. In contesting the sale, MIPI alleged that the terms and conditions of the bidding are manifestly and grossly disadvantageous to the government.