An irresistible offer for Zamcelco’s Putik property PDF Print E-mail
Tuesday, 22 December 2015 15:35

Table Talk

BY Mike S Apostol

Pundits are now abuzz with information that a businessman from Manila offered to purchase the over 7 hectares of Zamcelco’s property in Barangay Putik for P15,000 per square meter, plus other perks on top of their offer to buy the lot which virtually doubled the offer of another business group of P7,000 plus per square meter. The offered buying price, which many say is higher than the present lot value is a real estate broker’s nightmare because it may change the value of lots in that area but the Manila businessman is not only speculating but dead sure of recovering his investment if the transaction pushes through.

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Other package offered by the Manila businessman is, aside from the P15,000 per square meter he will pay for Zamcelco’s lot in Barangay Putik, a new 13-hectare lot in the boundary of Barangays Culianan and Mercedes.Somewhere near the travelers favorite  soup house called Ester Pata House, will be given free in exchange plus a money of over P30 million for the construction of a new Zamcelco office in that area. The offer to buy Zamcelco lot in Putik is not only “double the price” but “buy one take one”. This is indeed a transaction that is irresistible.

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However, all money matters will be in escrow payment after every document is complete and the transaction is perfect and it will be through a designated commercial bank, where the buyer deposits the lot payment. The possibility of corruption or bribery or commission by some people is nil or near impossible unless made part of the discussion for the transaction before they close the deal with the businessman. A bank will not risk its reputation and credibility to be  involved in a mal-transaction, a bank has more to lose than gain in an anomaly.

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According to a very reliable source, Zamcelco management is given  less than 30 days limit to decide for or against the offer or until the 3rd  week of January 2016. Allegedly the National Electrification Authority (NEA) gave the Zamcelco officials the prerogative to decide because seemingly NEA is against the scheme of a group who will invest their millions of pesos for Zamcelco but manage the electric cooperative’s operation for at least 20 years. In this case NEA will lose its grip on the cooperative for 20 years and NEA is against it.It is like privatization. The latest offer of the Manila businessman is the best NEA believed because Zamcelco will continue to operate as a cooperative only in a different area and one crucial question NEA posed to Zamcelco management: Is the present manpower of ZAMCELCO capable to solve the perennial problem of system losses? Indeed is Zamcelco capable? Or will the cooperative still be “like a dog with different collar on a new doghouse”? Zamcelco must now prove its worth to regain back the trust and confidence of the coop members and the city officials of Zamboanga

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Scoop: Allegedly, suspicion of bribery or commission by some city government offiicials against some Zamcelco Board Members is delaying the discussion for decision on the irresistible Manila businessman’s offer. City officials were already briefed on the matter by the representative of the Manila businessman and they know him, why not just go directly to that representative and say “ NA EL DIAMON ALYI”  to stop all suspicion and at the same have an honest-to-goodness decision on the offer. Agree or disagree, my personal view on the matter.