‘Win-win’ deal to bail out Zamcelco from its financial woes proposed PDF Print E-mail
Friday, 11 December 2015 11:55

A Manila-based Zamboangueño contractor has proposed to purchase the 7.5-hectare property of the cash-strapped Zamboanga City Electric Cooperative (Zamcelco) in Barangay Putik in what is described as a “win-win” transaction that will bail out the electric coop from its financial woes and at the same time bring in as a major investor to the city one of the country’s biggest business conglomerates.

In a letter to Zamcelco President Omar Sali dated Nov. 15, 2015, Ibrahim “Bong” Nuño, President and Chief Executive Officer of Metro Stonerich Corporation, proposed to purchase Zamcelco’s Putik property for the sum of P1.17 billion, which would allow the electric cooperative to pay a substantial portion of its current debts, upgrade its facilities, and relocate its head office and facilities to another location in the city.

Nuño said he proposed to buy the property in behalf of one of his clients whom he declined to identify for the moment. He, however, hinted that the eventual buyer of the Zamcelco property is one of the country’s biggest conglomerates that wanted to build a huge mall in Zamboanga City.

Aside from offering a generous sum of P1.17 billion for the 75,000 square-meter Zamcelco property, Nuño said his company was offering to provide a 13-hectare land in Barangay Pasabolong where Zamcelco could relocate its facilities.

On top of this, Nuño said, his company would provide the sum of P30 million that Zamcelco could use to construct its new building. “This is a win-win transaction for Zamboanga City since we will be hitting two birds with one stone,” Nuño said.

“Our proposal will not only help Zamcelco get back on its feet to be able to pay a large part of its debts, upgrade its facilities, and improve its services to the public,” he added. “It will also bring into Zamboanga City one of the country’s biggest investors.”

Nuño said the conglomerate will start building a mall in Zamboanga City within a period of one year once Zamcelco agreed to his proposal.

“The entry of this business conglomerate will be a big boost to the local economy and change the image of Zamboanga City to an attractive investment destination, not to mention the thousands of jobs that it will create for the local residents,” Nuño said.

Nuño revealed that he was revealing his proposal to media to ensure that the transaction would be transparent and open to the scrutiny of the people of Zamboanga City.

Under his proposal, which he also broached to officials of the National Electrification Administration (NEA), members of the Zamcelco board, and to Zamboanga City officials, the projected P1.17 billion proceeds of the transaction will be deposited in an escrow account to ensure that the money will be used to pay off Zamcelco’s debts and finance the upgrading of its facilities.

“We will see to it that everything will be done in a transparent manner and will be open not only to Zamcelco members but to the entire Zamboanga City public,” Nuño noted.

Nuño said he was confident that his proposal would eventually benefit Zamboanga City residents who will soon enjoy better services from Zamcelco once it is able to fix its financial problems and upgrade its facilities.

“Once it is out of the red, Zamcelco will now have the financial clout to negotiate the purchase of electricity from alternative power suppliers and avoid the infamous power outages in the city,” Nuño said.

Nuño is the eldest son of Zamboanga City Second District Rep. Lilia Macrohon-Nuño and Taluksangay Barangay Captain Abduhraman Nuño. He finished his high school studies in the Ateneo de Zamboanga University.

Metro Stonerich Corporation is based in Quezon City and has been responsible for building malls throughout the country. Among its clients are Robinsons Malls, SM Supermalls, Ayala Land, and Vista Land & Lifescapes, Inc. The Triple-A construction company is one of the builders of the KCC Mall of Zamboanga.