Breaking News
Home | Money Matters | Nat’l Steel Corp up for bidding this year: exec

Nat’l Steel Corp up for bidding this year: exec

By Nora Sorino
Iligan city bureau chief

Iligan City information officer Jun Lino Bacus, yesterday said the National Steel Corporation is for bidding this year.

Bacus said that per estimates of the NSC technical working group, it can fetch as high as P26 Billion for said plant but maybe, P18 billion would suffice if the bidder is “that interested,” said Bacus.

He said there are foreign investors who have signified their interest for said plant, he added, coming from China, United Kingdom, United States and others.

The city has declared ownership of said plant after it had levied its assets two years ago due to the non-payment of the  owners’ then of real property taxes in the amount of over P5 billion.

In early November 2017, the city had conducted a flag raising ceremony in the grounds of the steel plant and put guards there obviously in a bid to dramatize its ownership.

A few days later, the NSC under its liquidator Atty. Danilo Concepcion gave notice to the public that the city government is all “wrong” citing several court decisions which favor their ownership.

They are also putting up guards in said ground.

The last operator of said plant was an Indian company called “Global Steel” which folded up after over 2 years.

There had been several operators of said company which were Malaysians earlier and which incurred enormous debts from ten banks led by the Philippine National Bank and one day, it suddenly collapsed under the weight of its debts.

A liquidation process ensued, thus the liquidator’s present claims over its ownership.

Facebooktwitter

About mindanao goldstar daily

mindanao goldstar daily
TREND MAKER. Mindanao Gold Star Daily was established in 1989 to set ablaze a new meaning & flame to the local newspaper business. Throughout the years it continued its focus and interest in the rural areas & pioneered the growth of countryside journalism.

Check Also

Therma South, host societies ink MOA during partners fellowship

The host communities of AboitizPower’s Therma South power plant can now directly access their share …

Leave a Reply

Your email address will not be published. Required fields are marked *