MANILA, Philippines - SPC Power Corp. exercised yesterday its “right to top†the highest bidder for the 153.1-megawatt Naga power facility in Cebu, the company said in a statement.
The company said the move shows its support to the government’s privatization efforts.
SPC made the P1.143-billion payment to the Power Sector Assets and Liabilities Management Corp. (PSALM), the government corporation tasked to privatize state-owned power assets.
This is five percent higher than the P1.088 billion offer of the highest bidder, the Aboitiz Group.
“As a sign of good faith, SPC wired the payment to PSALM on Tuesday night,†SPC said.
“With the payment, we expect PSALM to sign and execute, as the counter party, the asset purchase agreement and the land lease agreement attached in the bidding package which SPC had already prescribed,†SPC said in its letter to PSALM.
PSALM president Emmanuel Ledesma Jr. has issued a notice on April 27 that Therma Power Visayas Inc. of the Aboitiz Group is the winning bidder for the Naga facility.