RPN, IBC For Sale

RPN-9, IBC-13 to be sold jointly Michelle V. RemoInquirer News Service
THE government is studying various options for the privatization of state-owned television stations, with the possibility of jointly selling Radio Philippines Network Inc. (RPN) Channel 9 and Intercontinental Broadcasting Network (IBC) Channel 13, Finance Undersecretary Jay Singson, who is in charge of the government's privatization program, said Monday.
The interagency Privatization Council has decided to offer for re-bidding the financial advisory services for the privatization of RPN-9 so that the service package can include IBC-13, Singson said.
"The financial adviser would suggest whether it would be best to sell the two stations separately or jointly," he told reporters.
The government had declared CLSA Exchange Capital as winning bidder six other advisory firms at the bidding on June 27 for the financial advisory contract for the privatization of RPN-9.
Singson said the bidding process would have to be done again because the government wanted to include IBC-13 in the package, and CLSA had agreed with the decision and had expressed intention to join in a bidding again.
Other bidders at the previous auction were BPI Capital Corp.; Ernst & Young; KPMG, Laya, Mananghaya & Co.; PCI Capital Corp.; PricewaterhouseCoopers; and Punongbayan Araullo.
Singson said the privatization of RPN-9 and IBC-13 would be pushed to next year but the new bidding of the contract would be held before the end of this year.
Reportedly interested in buying RPN-9 are Manuel Pangilinan, chairman of Philippine Long Distance Telephone Co.; Solar Sports of businessman Wilson Tieng; and Mike Velarde, leader of the Catholic charismatic group El Shaddai.