The Consunji-led mining and power stock traded as high as P30.85, up 7.7 percent intraday, before easing to close at P30, still gaining P1.35 or 4.71 percent for the session.
The rally follows comments from Meralco Powergen Corp. (MGen), the power generation arm of Pangilinan-backed Manila Electric Co., that it is exploring a possible partnership with the Consunji group in the Semirara coal concession.
The sharp drop last month came after the government said the Semirara coal concession would be opened to competitive bidding instead of automatically renewed.
MGen president and CEO Emmanuel “Manny” Rubio told InsiderPH on Thursday that the company reached out to the Consunjis after learning the concession will be rebid.
Rubio said potential participation would allow Meralco’s generation arm to strengthen fuel security for its thermal power plants.
He added that the company is still in the early stages and is engaging engineers to begin the due diligence process on the coal’s composition and suitability for its power plants.
Investors are weighing whether a tie-up between the two groups could help preserve operational continuity at the island’s coal resources even if the concession is rebid.
SCC’s parent firm, DMCI Holdings, also gained 2.2 percent to P9.76 each while the broader Philippine Stock Exchange index slumped
—Edited by Miguel R. Camus
