“On
February 2, 2016, SPC Power Corporation filed an Urgent Motion for Second
Reconsideration and/or Referral to the En Banc, after the Supreme Court, Third
Division denied its earlier Motion for Reconsideration,” the company told the
stock exchange yesterday.
The first motion for reconsideration sought the reversal of the High Court’s decision in the case entitled “Sergio R. Osmeña III v. Power Sector Assets and Liabilities Management Corporation (PSALM), Emmanuel R. Ledesma, Jr., SPC Power Corporation and Therma Power Visayas, Inc.”
In its disclosure, SPC Power said it was still operating the Naga power plant.
The motion for reconsideration comes after the Supreme Court invalidated its “right-to-top” condition imposed by the PSALM in the bidding of the project.
The ruling favored Therma Power Visayas, Inc., a subsidiary of Aboitiz Power Corp. (AboitizPower)
AboitizPower had welcomed the court decision, saying it believed Therma Power had won the bid. It added that had its unit not participated, “the government would have sold its asset at a much lower price.”
The company previously described the events that led to the legal issue, which started in 2013 when PSALM held the first bidding for plant. It said the first two rounds had been declared failed bids as only one bidder, Salcon Power Corp. (SPC), had shown up. Therma Power joined the third round and won with a bid of P1.089 billion, higher than SPC’s P859-million bid.
SPC Power, formerly Salcon Power Corp., was incorporated on March 11, 1994 as a venture company. It entered into a rehabilitation, operation, maintenance and management agreement with state-owned National Power Corp. to revive the Naga plant. -- Victor V. Saulon
The first motion for reconsideration sought the reversal of the High Court’s decision in the case entitled “Sergio R. Osmeña III v. Power Sector Assets and Liabilities Management Corporation (PSALM), Emmanuel R. Ledesma, Jr., SPC Power Corporation and Therma Power Visayas, Inc.”
In its disclosure, SPC Power said it was still operating the Naga power plant.
The motion for reconsideration comes after the Supreme Court invalidated its “right-to-top” condition imposed by the PSALM in the bidding of the project.
The ruling favored Therma Power Visayas, Inc., a subsidiary of Aboitiz Power Corp. (AboitizPower)
AboitizPower had welcomed the court decision, saying it believed Therma Power had won the bid. It added that had its unit not participated, “the government would have sold its asset at a much lower price.”
The company previously described the events that led to the legal issue, which started in 2013 when PSALM held the first bidding for plant. It said the first two rounds had been declared failed bids as only one bidder, Salcon Power Corp. (SPC), had shown up. Therma Power joined the third round and won with a bid of P1.089 billion, higher than SPC’s P859-million bid.
SPC Power, formerly Salcon Power Corp., was incorporated on March 11, 1994 as a venture company. It entered into a rehabilitation, operation, maintenance and management agreement with state-owned National Power Corp. to revive the Naga plant. -- Victor V. Saulon
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