Solar Philippines’ Leviste buys 7.55% of Roxas and Co.
BUSINESSMAN Leandro Antonio L. Leviste bought 7.55% of listed company Roxas and Co., Inc. (RCI) following his recent move to invest P5 billion in Batangas province for various projects.
In a Facebook post on Tuesday, Solar Philippines Power Project Holdings, Inc. showed a letter sent by Mr. Leviste to the Securities and Exchange Commission (SEC), indicating that he bought 188.89 million shares of RCI, equivalent to 7.55% ownership.
As of Tuesday, Philippine Stock Exchange data showed that RCI’s public float level is at 44.1%. The company has a market capitalization of P5.05 billion, as well as 2.91 billion listed and issued shares.
The acquisition came after another Leviste-led company, Countryside Investments Holdings Corp., announced last week a P5-billion investment plan that would focus on energy, industrial, and commercial projects in Batangas.
The projects will be done along with Solar Philippines. One of the projects of Solar Philippines is the 63-megawatt Calatagan Solar Farm.
Countryside Investments previously said its investments would help the province following the recent closure of the Central Azucarera Don Pedro sugar mill in Nasugbu that affected over 13,000 farmers and sugar mill workers.
Various development projects are planned by Countryside Investments in Western Batangas, where the company and its affiliates have landholdings. The projects will be funded by proceeds from the recent share sale of Solar Philippines in SP New Energy Corp. (SPNEC) to Meralco PowerGen Corp. as well as other financing.
SPNEC was founded by Mr. Leviste but is now controlled by the Pangilinan group, through MGen Renewable Energy, Inc.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.