PNB said listed port operator International Container Terminal Services Inc. won the bidding when it offered P3.68 billion, above the minimum bid price of P3.2 billion.
“This transaction will monetize another low-revenue-generating foreclosed property, giving the bank additional financial resources that it can use to pursue its strategy and capture opportunities brought about by the recovering economy,” said Veloso.The bank brought PWC in to ensure an independent, transparent and competitive bidding that would be beneficial to PNB.
A public sealed bidding was held on April 19, 2022. The public bidding was open to individuals, sole proprietorships, partnerships or corporations authorized by law to acquire properties in the Philippines.
Source: Real Estate Daily Report (realestatedailyreport.net)
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