3 weeks ago
5
Keisha Ta-Asan - The Philippine Star
February 24, 2025 | 12:00am
MANILA, Philippines — The government is set to auction off its shares in United Coconut Chemicals Inc. (Cocochem), aiming to generate at least P2.82 billion from the sale, according to a Land Bank of the Philippines invitation to bid.
The bidding for the national government’s 681,985,073 shares in Cocochem will be held on June 27 on a cash and “as-is, where-is” basis at Landbank Plaza in Malate, Manila. The minimum bid price is set at P4.13 per common share.
Landbank has invited interested parties to participate, requiring them to register online by June 17. Eligible bidders include Filipino citizens aged 18 and above, corporations registered with the Securities and Exchange Commission (SEC) with at least 60 percent Filipino ownership and cooperatives duly registered with the Cooperative Development Authority (CDA).
A pre-bid conference will be held on June 19 to address concerns and clarify the auction process. Registered bidders will also gain access to a Virtual Data Room (VDR) containing details on the sale, with documents available until June 17.
During the public bidding, Landbank, along with the head office committees on asset disposal, technical working group, Commission on Audit and the Trust Fund Management Committee (TFMC), will oversee the process.
The highest bid that meets the minimum price will be declared the winner, subject to the approval of TFMC and the Philippine Competition Commission. If the highest bid is disapproved, the next highest bidder may be considered.
“The bidder acknowledges that it has been given the opportunity to conduct due diligence and ascertain the value of the shares of stock,” the state-run bank said.
“The bidder also accepts Landbank’s disclaimer of any warranty, implied or otherwise, that the subject shares conform precisely to the description available in the Invitation to Bid,” it added.
TFMC and Landbank have also reserved the right to reject any or all bids and to call for a new auction if deemed necessary in the best interest of the government.
