Property firm to bid for Malaya Thermal plant | Inquirer Business

Property firm to bid for Malaya Thermal plant

By: - Business Features Editor / @philbizwatcher
/ 05:22 AM November 24, 2018

Property and infrastructure developer D.M. Wenceslao & Associates Inc. has expressed interest in joining the bidding for the 650-megawatt Malaya Thermal Power plant and the underlying property located in Barangay Malaya, Pililla, Rizal.

The power plant and the underlying property are intended to be privatized as a bundle by state-controlled Power Sector Assets and Liabilities Management Corp.

In a disclosure to the Philippine Stock Exchange yesterday, DM Wenceslao said its board of directors had approved in a special meeting its participation in this privatization exercise.

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The board also gave D.M. Wenceslao’s chief operating officer and director, Paolo Vincent Wenceslao, authority to issue a letter of interest as well as to receive all pertinent documents, communications, correspondences, notices, and legal processes, including but not limited to the supplemental bid bulletin and asset purchase agreement.

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He was also authorized to sign for and on behalf of the corporation all the documents required in such privatization process.

D.M. Wenceslao chalked up a net income attributable to equity holders amounting to P1.49 billion, up by 3.5 percent year-on-year. The absence of land sales was partly offset by higher revenue from a new office development.

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Recurring income from the leasing of land and commercial space rose by 31 percent year-on-year to P1.48 billion or 83 percent of total revenues.

Riding on fast-rising land values in Aseana City, D.M. Wenceslao plans selling certain parcels of land in 2019 and expanding leasable gross floor areas.

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