Saturday, April 19, 2008 [ philstar.com ]
CLARK FIELD, Pampanga — At least six groups have expressed interest to take over the Mimosa Leisure Estate at a minimum bid of P1.4 billion, Clark Development Corp. (CDC) president and chief executive officer Liberato Laus said yesterday.
“We expect more bidders to purchase bid documents in time for the April 28 deadline for the filing of bids,” Laus told The STAR. The bid documents, he said, would be opened on June 6.
He recalled that last year, a Korean firm won in the bidding for the 250-hectare Mimosa resort for P1.6 billion, but he noted that P1 billion was for the payment of liabilities incurred by the estate’s former owner, Mondragon Leisure and Resorts Corp. (MLRC), with only P500 million going to the CDC. The award to the Korean firm, however, was withdrawn after it failed to comply with “upfront payments”.
Laus then decided to defer bidding for the estate, which features a 36-hole world-class golf course and the Holiday Inn hotel, among others, amid expectations that the completion of the Subic-Clark-Tarlac Expressway (SCTEX) would upgrade its value. The tollway, connecting the seaport of Subic and the international airport of Clark, is slated to be opened April 28.
“Now, the minimum bidding price of P1.4 billion entirely goes to the CDC. We have been advised that the CDC is not supposed to act as collecting agent for the creditors of MLRC,” Laus said.
He said it would be premature to name the six corporations which have obtained bid documents, but noted that other noted corporations have already expressed interest to bid for Mimosa.
“I really do not want to call it privatization, because even government outfits, such as the Philippine Amusement and Gaming Corp. (Pagcor) has a mandate to operate casinos and resorts,” he noted.
Laus said the CDC is merely “unloading assets” by bidding out Mimosa which includes all properties within the estate. Apart from the golf course and the Holiday Inn hotel, the estate also covers the Montevista villas, restaurants, an industrial laundry facility and the Mimosa casino.
“The winner in the bidding will also have the casino as part of the deal, but we expect Pagcor to still operate it,” Laus also said.
During the term of President Estrada, the CDC took over the management and operation of the Mimosa estate from MLRC amid claims the latter failed to comply with its financial obligations to the state firm.
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