Zamcelco to hold bidding for IMC anew Print
Saturday, 30 June 2018 16:28

By RG antonet go

The Zamboanga City Electric Cooperative (Zamcelco) is holding its fourth bidding for the Investment Management Contract (IMC) after the recent withdrawal of Meralco-Comstech from entering into the management deal with the electric cooperative.

In today’s publication, Zamcelco issued the invitation to “all interested and qualified parties to participate in the bidding for the management of the assets, operations, business and liabilities of ZAMCELCO.”

In an interview with ZAMCELCO Board president Omar Sahi, he said that a period of thirty (30) days will be provided for the completion of the bidding process.

A power entity, who Sahi refused to identify, has reportedly expressed initial interest to join the bidding.

Meanwhile, despite an initial interview quoting Sahi that Meralco-Comstech has verbally withdrawn from the IMC, Sahi clarified that the latter has not finalize its withdrawal from the IMC deal.

Meralco-Comstech reportedly had doubts in being able to comply with a new policy on systems loss issued by the Energy Regulatory Commission (ERC).

Sahi said that Meralco-Comstech has requested for a period of 30-days to make its final decision in its written letter to Zamcelco.

The ZAMCELCO Board, however,  rejected the offer during a meeting last Thursday and decided to push through with bidding.

The bidder must have a net asset value of at least three hundred million pesos (Php 300,000,000.00).

Recall that Meralco-Comstech and Aboitiz Power Ventures Inc. were the two parties which participated in the bidding for the IMC.

The first and second bidding for the contract conducted in 2017 were declared failures.

Aboitiz Power Ventures withdrew from bidding in December 2017, leaving Meralco-Comstech to enter into a negotiated agreement with ZAMCELCO. (RGAAGo)