THE Crown Investment Holdings, Incorporated and Desco, Incorporate (Crown-Desco) assured that they will not terminate employees once they will take over the operation and management of Zamboanga City Electric Cooperative (Zamcelco).
Crown President Jomar Castillo made the assurance as the Crown-Desco is set to take over the management of Zamcelco in January 2019.
Zamcelco has awarded a 25-year Investment Management Contract to Crown-Desco being the responsive bidder.
The firm will pump in P2.5 billion into the debt-ridden Zamcelco to pay all its existing obligations, provide capital infusion to upgrade the facilities and improve the services of the cooperative.
Crown-Desco is also targeting to lower the systems loss of Zamcelco.
Ferdinand Rodriguez, Zamcelco information officer, said the power firm has 306 employees. (Bong Garcia/SunStar Philippines)