PSALM steps up ‘negotiated deal’ for Malaya thermal plant

Published January 22, 2019, 12:00 AM

by manilabulletin_admin

By Myrna M. Velasco

State-run Power Sector Assets and Liabilities Management Corporation (PSALM) is inviting all interested investors for its propounded negotiated deal for a property which was previously a site for the Manila thermal power facility.


But prior to the company’s plunge into a negotiated pact for this privatization exercise, the company is scheduling a pre-negotiation conference this today at 2:00pm; that will then apprise all concerned parties on the terms of the sale under such arrangement.

PSALM noted that during this process, it will clarify issues that “interested parties may have on the terms and provisions of the negotiated sale of the Manila thermal power plant land.”

For the specified real estate asset, the due diligence process is slated until January 29 this year; while submission of offers is on January 31 with a 12:00 noon deadline.

At the pre-negotiation conference, the company said it will be soliciting insights of interested parties “to help further refine the negotiation documents and provide proper information to assist them with submitting an offer that complies with the requirements.”

PSALM added that prospective investors will also “be informed of the responsibilities of the winning party in view of the circumstances underlying the sale of the property.”

Divestment of real estate assets previously owned by the National Power Corporation had become an added main thrust of privatization for PSALM so it can raise additional proceeds that can help wipe out what remains as humongous liabilities of the power sector.

Aside from the site of the Manila thermal plant, PSALM has previously identified several properties that it will also be unloading in the coming months.

PSALM had previously announced the sale of a parcel of property in Naga City in the Bicol region; and two condominium units in Puerto Azul complex in Cavite City that will include one club share at the Puerto Azul Golf and Country Club.