San Miguel confirms offer to pre-qualify in TransCo auction
Published September 26th, 2007
San Miguel Energy Corp., a subsidiary of food and beverage giant San Miguel Corp., on Tuesday confirmed it has joined the pre-qualification process for the bidding of the 25-year concession to run the National Transmission Corp. (TransCo).
In a disclosure to the Philippine Stock Exchange (PSE), San Miguel Corp. confirmed reports that San Miguel Energy has formed a consortium with two foreign partners TPG Aurora B.V. and TNB Pari Sdn. Bhd. for the bidding.
TPG Aurora B.V. is a subsidiary of the Texas Pacific Group a global private investment firm with more than $30 billion of capital under its management. On the other hand, TNB Pari Sdn. Bhd. is a subsidiary of Malaysian firm Tenaga Nasional Berhad, a major electric utility company in Malaysia.
The Power Sector Assets and Liabilities Management Corp. (PSALM) which manages TransCo’s privatization on Friday said at least five groups have formally expressed interest in joining the second bidding.
PSALM did not identify the firms or consortia that submitted pre-qualification requirements, but in their respective disclosures to the PSE, Metro Pacific Investment Corp. and A Brown Co. both confirmed joining the bidding pre-qualification.
Metro Pacific Investment Corp. said it has partnered with Terna-Rete Elettrica Nazionale S.p.A. of Italy, while A Brown Co.’s Monte Oro Grid Resources Corp. forged an alliance with State Grid of China for the bidding.
PSALM said it will announce results of its evaluation of all the pre-qualification requirements from interested bidders on October 12.
The pre-bidding conference scheduled on November 5 in the run-up to the formal bidding for the concession of Transco on December 12.
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