HomeNewsZamcelco finalizes IMC draft

Zamcelco finalizes IMC draft

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The Zamboanga City Electric Cooperative (Zamcelco) is now finalizing the draft of its Investment Management Contract (IMC) with Meralco, the winning bidder to manage the power utility for 25 years.

Ferdie Rodriquez, head of Zamcelco’s Institutional Services Division, told the press briefing Monday that the final draft of IMC is now undergoing fine tuning.

He said If everything is in order “hopefully we will have the ceremonial signing of the IMC anytime this or next week prior to the conduct of the special general membership assembly meeting as a requirement for approval of IMC.”

FILE PHOTO

Under its proceedings, Zamcelco shall issue the notice for special general membership assembly meeting to all its member-consumers not less than 10 days or no more than 25 days before the activity.

Recall that the National Electrification Administration (NEA) last week gave its go signal for Zamcelco to proceed with the remaining process for its much awaited IMC.

The IMC hopes to save the local electric cooperative from possible bankruptcy in the near future. It is one of the best options to effectively address the co-op’s financial problem by bringing in an experienced private power distributor that could manage and improve operations, performance and financial status.

It was earlier reported that Meralco so far appeared to be the power company that is capable and could give “best offer” on how to effectively and efficiently manage the city’s power cooperative.(Vic Larato) (FILE PHOTOS)