SHIPBUILDERS PURSUE PHILIPPINE YARD

SHIPBUILDERS PURSUE PHILIPPINE YARD

Shipbuilders from four Asian countries are looking to buy the state Philippine Shipyard and Engineering Corp. (Philseco) at the former U.S. naval base on the main island of Luzon, the Asset Privatization Trust said Tuesday.

The trust opened a pre-bidding conference Tuesday, where participants will be selected for the final auction based on how they match an indicative price of 1.3 billion pesos (US$46.5 million).Expected to join the pre-bidding are Japan's Kawasaki Heavy Industries Corp., Singapore's Keppel Shipyard Ltd. and the Sembawang Group, Sabah Shipyard of Malaysia and South Korea's Hyundai Group, said a trust official who asked not to be named.