Psalm had delayed the auction slightly at the request of potential tenderers but in the end only received only one bid – from Sta Clara International Corp. Under the auction rules the receipt of only a single bid is classed as a technical failure of the privatisation process.
Two other bidders that had expressed interest opted not to make offers for the plant. Detail for the new bid process were not immediately available.
Initially, five companies had expressed interest in the auction, and that followed early stage enquiries by seven firms.
Sta Clara International Corp had previously bought the 1.2MW Loboc plant from Psalm in late 2004.
