3 firms eye Paco-Manila property

THREE companies are eyeing to acquire a real estate property in Paco, Manila, according to the Power Sector Assets and Liabilities Management Corp. (Psalm).

Simon Agribusiness, Manila Electric Co. (Meralco) and Philman Corporate Distribution Corp. attended the pre-negotiation conference which Psalm conducted online.

“This activity ensured that the interested parties are well-acquainted with the refinements of the sale provisions, including the requirements and the process involved in Psalm’s negotiated sale process,” the state-run corporation said in a statement.

The minimum offer price for the Paco property, being auctioned on an “as is, where is” basis, is at P527,087,552. Financial offers lower than the current minimum offer price will be rejected outright.

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The power asset is located in Isla de Provisor, Manila. It consists of eight lots with an indicative area of 20,975 square meters.

It is situated in a prime location, being in close proximity to a major shopping mall, several government institutions, including colleges and universities and other business establishments.

Interested parties are given until August 31 at 12 noon to submit their offer for this asset.

“We are very optimistic that we can privatize this Paco-Manila property very soon. We will continue to try to sell this asset because we need to use the proceeds for payment of Psalm’s financial obligations,” said Irene Joy Garcia, president and chief executive of Psalm.

Proceeds from the sales of all Psalm assets are utilized to settle maturing obligations and minimize the Corporation’s borrowings.

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Article and Photo originally posted by Manila Times last August 13, 2021 and written by Jordeene B. Lagare.

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