Leviste gains foothold in RCI

Founder, President and CEO of Solar Philippines, Leandro Leviste | PHOTO: Official website of SM / My Story, My SM

MANILA, Philippines — Businessman Leandro Leviste, the former head of solar power firm SP New Energy Corp. (SPNEC), has become the largest individual shareholder of listed Roxas and Company Inc. (RCI) after acquiring 7.55 percent of the company’s shares.

Leviste on Tuesday disclosed to the Securities and Exchange Commission that he had purchased 188.89 million of RCI’s shares.

RCI shares rose by 0.17 percent to close at P2.19 per share on Tuesday, valuing Leviste’s acquisition at P413.67 million.

RCI is currently embroiled in controversy after around 50,000 farmers protested a recent order of the Department of Agrarian Reform (DAR) that recognized the right of the company to 1,619 hectares across Hacienda Palico, Hacienda Banilad and Hacienda Caylaway in Batangas province.

The farmers later filed a motion for reconsideration on the DAR order, calling for a “more equitable settlement” over the three haciendas of RCI.

The company is also the former operator of the Central Azucarera Don Pedro sugar mill in Batangas before the facility was closed earlier this year. This displaced over 13,000 farmers and sugar mill workers.

READ: Leviste-led Countryside to invest P5B for Batangas development

Last week, Leviste’s Countryside Investments Holdings Corp. announced it was investing P5 billion in the development of Batangas province, aiming to provide jobs for the farmers who lost their source of livelihood.

In December, MGen Renewable Energy Inc., the renewable energy arm of power distributor Manila Electric Co., acquired 50.5 percent of the shares of SPNEC for P15.9 billion to help develop the solar farm’s upcoming projects. MGreen later raised its stake to 55.96 percent.