Gotianun-led holding company Filinvest Development Corp. on Friday disclosed that it has submitted requirements to prequalify for the bidding of the government’s stake in geothermal power producer PNOC-Energy Development Corp.

“FDC is looking into the investment potential offered by this bidding to provide further value to our stockholders. We also see it as a unique opportunity to enter the renewable energy growth sector,” FDC president Josephine Gotianun-Yap said in a disclosure to the Philippine Stock Exchange.

The PNOC-EDC Privatization Committee is expected to announce the prequalified bidders on Oct. 10.

FDC owns developer Filinvest land Inc., Filinvest Alabang Inc. and East West Banking Corp.

The holding company recently acquired Pacific Sugar Holdings Corp., which owns and manages two sugar mills with a combined milling capacity of 9,000 tons per day.

Earlier PNOC-EDC disclosed to the PSE that there were 24 groups which expressed interest in the government’s stake in the company.

The interested parties include: ABN-AMRO Bank, Israeli company Africa-Israel Group, and Iceland companies Geysir Green Energy and Reyjavik Energy Invest.

Also in the list were Japanese firms Kanematsu Corp., Orix Corp., and Sumitomo Corp. as well as Bangkok-based Suez Energy Asia Co. Ltd., and Marubeni Philippines Corp.

Likewise included were power firms Aboitiz Power Corp., Alsons Consolidated Resources Inc., ATN Holdings Inc., Basic Energy Corp., First Gen Corp., law firms Latham & Watkins LLP, Belo Gozon Elma Parel Asuncion & Lucila, and Sycip Salazar Hernandez & Gatmaitan Law offices.

A local consortium of businessmen Ramon Ang, Henry Sy Jr. and Joselito Campos, Triratna Holdings Corp., was also in the list.

The PNOC-EDC Board earlier approved the block sale of the firm’s retirement fund’s shares which is equivalent to a 13-percent stake in the company, together with the government’s 47-percent stake to allow the buyer to gain a controlling stake over the company.

The government plans to raise up to P36 billion from the sale, which is intended to augment the country’s budget deficit. 

Source: http://www.gmanetwork.com/news/story/63256/economy/companies/filinvest-prequalifying-for-gov-t-stake-in-pnoc-edc