Property firm to bid for Malaya Thermal plant

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.

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.

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.

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.