Leviste will buy an 8.5% stake in ABS-CBN, becoming its second largest shareholder

SOLAR Philippines Power Project Holdings, Inc. Founder Leandro Antonio L. Leviste has an 8.5% stake in ABS-CBN Corp. purchased, making him the media company’s second-largest shareholder after the Lopez Group.

Mr. Leviste purchased 76.5 million shares, equivalent to 8.5% of ABS-CBN, through his companies LL Holdings, Inc. and Countryside Investments Holdings Corp., Solar Philippines said in a Facebook post Thursday.

“ABS-CBN is a great company that has helped countless people over the years. I hope there is now a way for us to help, for the benefit of the shareholders and employees of ABS-CBN and the media industry of the Philippines,” Mr. Leviste said in the social media post.

In a separate disclosure, ABS-CBN said LL Holdings owns 75.88 million ABS-CBN shares, while Countryside Investments owns 619,000 ABS-CBN Holdings Corp. shares that will be converted into ABS-CBN shares and transferred to LL Holdings .

Countryside Investments is the parent company of LL Holdings.

“LL Holdings has the exclusive authority to vote or direct the voting and to dispose of or direct the aforesaid shares of ABS-CBN,” the report said.

The shares are valued at about P390 million, based on ABS-CBN’s share price of P5.10 each at the end of Thursday’s trading.

Mr. Leviste is the son of Senator Regina “Loren” B. Legarda, a former ABS-CBN producer and news anchor.

Solar Philippines acquired more than P6 billion worth of SP New Energy Corp. shares last year. (SPNEC) sold. The company and its subsidiaries still own 20.6 billion shares of SPNEC worth about P22 billion.

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 partially owned by PLDT Inc.

Mr. Leviste previously purchased 7.55% or 188.89 million shares of Roxas and Co., Inc.

Hastings Holdings, Inc., a part of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in Business through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave