Zamcelco to change IMC terms PDF Print E-mail
Wednesday, 12 July 2017 16:08

By RG ANTONET GO

The Zamboanga Electric Cooperative (Zamcelco) will submit a revised Terms of Reference for the proposed Investment Management Contract (IMC) to the National Electrification Administration (NEA) this August.

The new terms will contain provisions suggested by two companies which are bidding for the electric cooperative’s Investment Management Contract.

Omar Sahi, Zamcelco Board President, said that the finalized TOR will be brought to the NEA for approval.

Two investors, Meralco and Aboitiz, have expressed their interest in handling operations of Zamcelco through the Investment Management Contract.

Bidding for the electric cooperative’s IMC however has resulted to failure for two times, attributed to the companies’ dissatisfaction with the IMC’s Terms of Reference.

The submission of the terms of reference to the NEA was announced during a dialogue held between the City Council and Zamcelco officials during its regular session yesterday. (RGAAGo)