Zamcelco in talks with Robinson's mall execs PDF Print E-mail
Monday, 06 November 2017 14:19

By Liza Jocson

Officials of the Zamboanga City Electric Cooperative (ZAMCELCO) are said to be in serious talks with Robinson’s Corporation, a major retail establishment, for the construction of a mall at the Zamcelco site in Putik.

The deal, which is reportedly one of the solutions to the electric coop’s financial woes, is said to involve a billion-peso exchange of properties.

Robinson’s mall will reportedly pay Zamcelco the amount of P1.1-billion in cash, an amount eyed by Zamcelco executives to settle its billion peso debt.

The deal also involves swapping Zamcelco’s 75,000 square meter lot in Putik to include its structures and machineries with a 130,000 square meter lot owned by Robinson’s in barangay Boalan.

Zamcelco Board President Omar Sahi said that aside from the 130,000 sqm lot, Robinson’s will also construct a building for Zamcelco on a 2,000 square meter lot in Boalan.

The reported exchange of properties is Zamcelco’s second option if deals for the Investment Management Contract (IMC),  will fail to push through.

The IMC is eyed as another  proposed solution to save the ailing cooperative’s financial condition.

Sahi reportedly favors Zamcelco to enter into the deal with Robinson’s and for the IMC to materialize.

Three companies are reportedly vying to negotiate for the IMC with Zamcelco:  Aboitiiz’s Davao Light, Meralco and Infinity Power.

The three companies will participate in negotiations for a 25-year contract to handle Zamcelco’s operations.

Sahi said that if ever Zamcelco’s deal with Robinson’s materializes, the investor will no longer carry the burden of paying the electric cooperative’s billion peso debt since the cash generated from the Robinson’s deal will be used for the purpose.

“Man invest ya lang sila si cuanto necessita para man improve el servicio del Zamcelco,”  Sahi said, referring to the investor.  (Liza Jocson)