Aboitiz, Lopez firms eyeing real estate assets of PSALM

Published July 24, 2020, 10:00 PM

by Myrna M. Velasco

The energy corporate subsidiaries of the Lopez and Aboitiz groups have shown interests to bid for the four real estate assets being scheduled for divestments by state-run Power Sector Assets and Liabilities Management Corporation (PSALM) on August 6 this year.

The two prospective bidders who advanced interests during the July 21 pre-bid conference on the assets’ sale had been FG Bukidnon Power Corporation (FGBPC) of the Lopez group; and Therma Marine Inc. of the Aboitiz Group.

The PSALM real properties to be auctioned next month are those in Agusan, Maco and Nasipit in Mindanao; and Puerto Azul in Luzon, as announced by the company.

The government-run firm specified that the minimum bid price for the Agusan property of 10,596 square meters had been set at P23.841 million; while the Maco property of 1,595 square meters had been prescribed with an indicative price of P3.209 million.

The Agusan property is in Barangay Damilag in Manolo Fortich, Bukidnon and it is adjacent to the Agusan hydroelectric power plant complex of the Lopez group; while the Maco property sprawls through Barangay San Roque in Maco, Davao de Oro and is adjacent to Power Barge 118 of the Aboitiz group.

For the Nasipit property in Agusan del Norte which spans an area of 3,395 square meters, the instituted indicative price had been at P4.414 million. This is in a site proximate to Power Barge 117, a facility that was previously acquired by the Aboitiz group from PSALM.

Meanwhile, for the Puerto Azul real estate assets in Barangay Sapang, Ternate in Cavite, PSALM emphasized that the two condominium units B5-B and B5-C, each having floor area of 247.22 square meters, “will be sold separately.”

For Unit B5-B, PSALM apprised interested parties that the minimum bid price had been set at P4.119 million; while for Unit B5-C which also includes in the package a one no-par value proprietary share under Class-A stock certificate no. 109, this shall be sold at a minimum bid price of P3.757 million.

“The bidding for the assets is on ‘as, is, where is’ basis, and upfront full payment is required,” PSALM said. Bids submission deadline for the specified assets will be on August 6 at 2:00pm.
In the recent pre-bid conference, PSALM noted that the prospective bidders were given the opportunity to clarify issues and concerns relating to the terms of the sale of the properties.

“The bidding package for any of these assets is available for interested bidders from July 9, 2020 until one business day prior to the bid submission deadline on August 6, 2020,” PSALM has emphasized.

The divestments of the state-run firm’s real estate assets are being pursued so it can fetch additional cash to settle remaining obligations – primarily for debts and other obligations that will fall due prior to the end of its corporate life in 2026.