^

Business

Manila thermal plant bidding fails anew

- Donnabelle L. Gatdula -

The Power Sector Assets and Liabilities Management Corp. (PSALM) failed last Wednesday to sell anew the decommissioned Manila Thermal Power Plant (MTPP), a setback in efforts to  fast-track the privatization of National Power Corp. (Napocor) assets.

“It was a failed bidding,” PSALM president Jose Ibazeta said. MTPP is the first power plant scheduled to be sold by PSALM this year.

Though the two pre-qualified bidders submitted bids for MTPP, located at Isla de Provisor in Paco, Manila, Ibazeta said they did not meet PSALM’s  requirements.

The government-run asset manager said Gagasan Steel Inc., an affiliate of Malaysia-based Gagasan Steel Sdn Berhad, and JC Ethanol and Metal Trading Corp., a South Korea-based company, submitted their offers before the 12 noon deadline set by PSALM.

But PSALM said JC Ethanol’s technical bid submission was rated “failed” by the PSALM Privatization, Bids and Awards Committee (PBAC), thus preventing it from further participating in the bidding exercise.

Gagasan, on the other hand, reached the opening stage of the financial bid  but was informed that its  bid offer for the MTPP did not meet the reserve price set by the PBAC.

BIDS AND AWARDS COMMITTEE

ETHANOL AND METAL TRADING CORP

GAGASAN STEEL INC

GAGASAN STEEL SDN BERHAD

JOSE IBAZETA

MANILA THERMAL POWER PLANT

NATIONAL POWER CORP

POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORP

PSALM

SOUTH KOREA

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with