Shares of Oriental Resources Group (ORE) are making headlines today, with a 30 percent surge to P1.08, following an $870 million renewable energy deal. The total value of trades reached P51 million.
The deal, reported exclusively by Bilyonaryo.com, was signed by its owner, bilyonaryo Carol Tanchay, and Marubeni Corp. of Japan during the state visit of President Bongbong Marcos in Japan last week.
Tanchay’s Oriental Energy and Power Generation, in which ORE holds a 30 percent stake, has agreed to build a 250-megawatt hydropower plant and a 150-megawatt solar plant.
The majority ownership of Oriental Energy resides with Tanchay’s Citimax Group.
The company already has several hydropower projects underway, including locations in Timbaban, Aklan; Manolo Fortich, Bukidnon; and Odiongan, Romblon.