IMC expected to be finalized in June Print
Wednesday, 30 May 2018 11:59

The Investment Management Contract (IMC) is expected to be finalized by the first week of June, according to Zamboanga City Electric Cooperative (Zamcelco) General Manager Engr. Edgardo Ancheta.

The contract is currently being deliberated by the Board of Directors of Meralco, a requirement of the power company before the document is transmitted to Zamcelco for signing.

Ancheta said that the contract is expected to be delivered to them by the end of May or the first week of June.

In a previous interview, Zamcelco Board President Omar Sahi that the document is expected to be transmitted to the Zamcelco board by the first week of May.

Comstech, the Meralco subsidiary which will handle the IMC, however has since then deliberated over provisions of the document.

Meanwhile, Ancheta said that once the document is signed by both parties, Zamcelco and Comstech, a schedule for a Special Assembly will be set for the IMC’s approval by consumers.

If approved, the IMC will be transmitted to the National Electrification Administration (NEA) for scheduling the transition of operations from Zamcelco to Comstech and other details.  (LAJ)