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The Department of Finance has set a P900-million
floor price for the asset disposal of Al-Amanah Islamic Investment
Bank of the Philippines.
The DOF has sent out feelers to
interested buyers of Al-Amanah, which is scheduled to be bid out on
May 21.
The government will auction nine
million issued and un-issued shares of stocks of AAIIBP at a minimum
price of P900 million, which represents 90 percent of the authorized
capital stock of the bank.
Potential investors will be
subjected to prequalification based on the source of funds and
financial capability, detailed business plan, Islamic banking track
record, and management team.
The DOF said prequalified
investors may conduct due diligence upon payment of the required
fee. Earlier, Undersecretary John Paul Sevilla, who is in charge of
the privatization of government assets, said the AAIIBP bidding will
follow the old Iloilo airport auction this month.
Sevilla said foreign Islamic
investors are welcome to participate in the AAIIBP bidding since
they have the expertise and financial capability to run the bank.
The government is also set to
sell its ownership rights in Meralco and San Miguel Corp.,
considered as big ticket items, as part of a massive privatization
effort aimed at raising much-needed revenues.
It is also looking at bidding out
the sequestered television stations RPN-9 and IBC-13, although the
government has previously said it did not expect to generate much
revenue from the exercise because of the networks’ debts.
--Angelo S. Samonte
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