EDC - found trough and possible new support level to form steep demand line

EDC 7.3 (1.4%)

EDC formed a trough at 6.9, which might be a new support level, to form a steep demand line

Resistance: 7.8
Support: 7/6.9

Good luck to all EDC traders!

PNOC-EDC potential bidders down to 16
10/11/2007
source: Technistock

The number of potential bidders for the government's remaining 60-percent stake in PNOC Energy Development Corp. has gone down to 16 from the 24 that had submitted letters of interest. PNOC president Antonio Cailao said the 16 entities were those that met the Oct. 5 deadline for the submission of the initial pre-qualification requirements and passed the first screening process. The list of the pre-qualified bidders should have been released Wednesday, but Cailao said the PNOC Privatization Committee had decided to give the 16 entities a few more days to submit additional minor requirements. "Of the initial 24, eight have fallen off so we now have 16 potential bidders. But this number could still go down by the time the Privacom finishes its review of all the submitted requirements. Some had some very minor requirements that were lacking, such as board resolutions, so we decided to give them a few more days to submit these," he told the Philippine Daily Inquirer (parent company of INQUIRER.net). He declined to name the 16 entities, saying it was better to just wait for the list of those that passed the initial screening. This list should be out on or before Oct. 15, he said. Among the 16 that submitted initial pre-qualification requirements were listed firms Alsons Consolidated Resources Inc., Aboitiz Power Corp. and Filinvest Development Corp., which submitted a letter of interest through ABN Amro Bank. Other companies that had expressed interest in PNOC-EDC included Africa Israel Group-Asia Pacific, American Orient Capital Partners (Philippines) Inc., Ashmore Energy, ATN Holdings Inc., Basic Energy Corp., First Gen Corp., Geysir Green Energy and International Power Plc., Kanematsu Corp., Latham & Watkins LLP, Marubeni Philippines Corp. and One Energy Ltd. Those that will make the initial cut will be required to submit final qualification documents by 7 p.m. of Oct. 26. Prequalified bidders will be given until 9 a.m. of Nov. 21 to turn in their bids. The notice of award will be issued to the winning bidder by Nov. 22, with payment of 100 percent of the bid price to be remitted by Nov. 30, the scheduled closing date of the transaction.