PSALM to sell decommissioned Manila plant on Feb 6

The Power Sector Assets and Liabilities Management Corp. will be selling the decommissioned Manila Thermal Power Plant on Feb. 6. The MTPP will be the first power plant PSALM sells this year. PSALM vice president Froilan Tampinco said they expect the two pre-qualified bidders to surface in the bidding date. Tampinco refused to name the firms, but said one is Malaysian and other one is Korean. Industry sources said the Malaysia-based Gagasan Steel Sdn Berhad is one of those that have been pre-qualified. The identity of the Korean company interested in MTPP is still unknown. Gagasan, founded by Norsharina Mohd Shahar and incorporated in July 28, 1998, is a firm dealing in the removal and disposal of metal scrap. MTTP is located in in Ermita along the Pasig River covering about two hectares and is considered a prime commercial area in Manila. Its facilities were retired in January 2000. The first two biddings for the MTPP in 2005 and 2006 failed primarily due to lack of investor interest. PSALM is confident that this latest attempt at disposing of the asset will succeed since the plant's underlying land has been attached to the sale. - GMANews.TV