TAGBILARAN, BOHOL – A proposed buy-back offer by Salcon Power Corporation (SPC) for the shares of Bohol Light Company, Inc. (BLCI) has hit a snag after a lawyer questioned the validity of the offer.
In a letter to the Provincial Board, Atty. Jordan Pizarras said the 60-day period for the buy-back offer has not yet begun due to a lack of proper authorization from SPC.
Pizarras said the offer made by SPC through Mr. Dennis Villareal was not accompanied by a Board Resolution authorizing the sale of shares, a requirement for any corporate action.
“The offer is not validly made, and consequently, no period for the buy-back has begun to run,” Pizarras said.
The Provincial Board has been informed of the development, and it is expected to take this into consideration in its discussions regarding the buy-back offer.
The buy-back offer, reportedly made at a price of 70% of the value of the shares, has been a topic of interest among consumers in Tagbilaran who are eager to see a reduction in their electricity bills.
Pizarras urged the Provincial Board to carefully study the proposal and consider the interests of the consumers.
The issue is expected to be closely watched in the coming days as the Provincial Board continues to discuss the buy-back offer and its implications for the consumers of Tagbilaran.
