Four out of five pre-qualified groups bid for PNOC-EDC stake

Four out of five pre-qualified bidders submitted their bids for the government's remaining 60-percent stake in PNOC-Energy Development Corp. The four are: AP Renewables Inc., a partnership between Aboitiz Power Corp. and New Zealand-based firm Mighty River Power; FDC Geo-Energy Holdings Inc., a venture between Filinvest Development Corp. and London'd International Power Masinloc Holdings; Red Vulcan Holdings Corp. which is composed of First Gen Corp., Spalmare Holdings B.V. and Prime Terracota Holdings Corp.; and Panasia Energy Holdings Inc., the consortium of San Miguel Energy Corp. and Beleggingsmaatchappij Broem B.V. The fifth qualified bidder, Alsons Consolidated Resources Inc., which partnered with AEI Investments Inc., did not participate in the auction. Earlier, PNOC prequalified 14 firms but three firms opted not to be involved in the final bidding process: One Energy Ltd., Marubeni Corp., Sumitomo Corp., and Basic Energy Corp. The government plans to raise up to P36 billion from the sale, which is intended to augment the country's budget deficit. - GMANews.TV