APC zooms after Kalinga geothermal project obtains ‘national significance’ label
Shares of holding firm APC Group jumped 32.6 percent Monday after the Department of Energy classified its Kalinga geothermal project as a project of national significance.
APC’s share price surge to as much as 69 centavos before closing at 62 centavos each share. A total of 24.3 million shares valued at P148,.42 million changed hands.
In a stock exchange filing, APC said subsidiary Aragorn Power and Energy Corp. was issued a certificate of energy project of national significance (CEPNS) for pre-development phase, entitling it to all the rights privileges provided for under Executive Order No. 30.
Under EO 30, applications from concerned government agencies for permits on energy projects of national significance (EPNS) shall be acted upon within a 30-day period. Should there be no decision made within the given period, the project is deemed approved by the agency involved.
The EO was issued to ensure a continuous, adequate and economic supply of energy.
APC has long been speculated to be the future holding firm for the Sy family’s energy assets. The company is 46.6 percent owned by leisure estate developer and gaming firm Belle Corp., which is majority owned by the Sys.
It is undergoing a corporate restructuring program to wipe out its more than P7 billion capital deficit and allow it to invest in new businesses.