P2.82-B eyed from auction of CocoChem shares

The government expects to generate at least ₱2.82 billion from the auction of its shares in United Coconut Chemicals Incorporated (CocoChem), according to a bidding invitation released by the Land Bank of the Philippines (Landbank).

The bidding for the national government’s 681,985,073 common shares in CocoChem is set for June 27 at Landbank Plaza in Malate, Manila. The sale will be conducted on a cash and “as-is, where-is” basis, with a minimum bid price of ₱4.13 per share.

Interested parties may register online until June 17. Eligible bidders include Filipino citizens aged 18 and above, SEC-registered corporations with at least 60 percent Filipino ownership, and cooperatives registered with the Cooperative Development Authority (CDA).

A pre-bid conference will take place on June 19 to address queries and clarify the auction process. Registered bidders will also have access to a Virtual Data Room (VDR) containing sale-related documents until June 17.

Landbank, together with its asset disposal committees, a technical working group, the Commission on Audit (CoA), and the Trust Fund Management Committee (TFMC), will oversee the bidding process.The highest bid that meets the minimum price will be declared the winner, pending approval from the TFMC and the Philippine Competition Commission. If the highest bid is disapproved, the next highest bidder may be considered. TRACY CABRERA