Zambo Business Chamber Prexy: Crown won IMC, let’s move on Print
Monday, 03 September 2018 14:09

“Zamcelco got a very good deal from Crown Investment Holdings to manage the electric coop under the IMC. Let us now move on.” Thus, the reaction of Mr. Cholo Soliven, president of the Zamboanga Chamber of Commerce and Industry Foundation Incorporated (ZCCIFI) and RDC Economic Development Region 9 chairman, in an interview at Astoria Hotel.

Soliven said that the Crown Investment Holdings gave a good deal for Zamcelco’s Investment Management Contract (IMC) at P2.5 billion.

He said that based on the floor price to start the bid at P1.2 billion, the winning bidder for the IMC is willing to infuse more than double that amount.

Soliven said he is not sure if the other prospective bidders, Meralco, Aboitiz, FilInvest and Nicolas Engineering Services are willing to infuse as much as P2.5 billion for Zamcelco.

“Outside looking in. We are now done with the long wait for the IMC to materialize. We have waited for almost four years. Now there is already a winner, let us start rehabilitating Zamcelco so the power supply in the city will become stable.” Soliven said.

He said the people of Zamboanga wants a black-out free city. “If Crown Investment Holdings and their technical partner the Agusan del Sur Electric Cooperative, which is a  AAA electric cooperative can solve our problems because of their financial capability and efficiency in managing a power distribution utility, let them do it.”

Soliven said, the problem of the Zamboanga City Electric Cooperative (Zamcelco) is money. With the money to be infused by the winning bidder, it can now pay its monetary obligations to all Independent Power Producers (IPP) that are threatening to cut their power supply to Zamboanga City because of huge debt.

Asked about the track record of the winning bidder, Soliven said that the company has partnered with a AAA power cooperative and has enough money to hire the best people in the field of electricity and management to help them improve Zamcelco.

“Antes pa ta roga quita cay tiene era contractor quien ay puede man manage through the IMC con el Zamcelco. Ahora tiene ya quien ay maneja. We can now bring Zamcelco back to category A,” he concluded. (SS)