Leviste raises P3 billion from SPNEC share sale
Businessman-turned-lawmaker Leandro Leviste has pocketed P3 billion from unloading more shares in SP New Energy Corp. of tycoon Manuel V. Pangilinan.
Businessman-turned-lawmaker Leandro Leviste has recently generated P3 billion from selling additional shares in SP New Energy Corp. (SPNEC), a company owned by tycoon Manuel V. Pangilinan. According to a regulatory filing released yesterday, the Solar Philippines Power Project Holdings Inc. (SPPPHI), which Leviste's firm owns, sold 2.4 billion SPNEC shares at P1.25 each to an undisclosed buyer.
This sale reduced SPPPHI's stake in SPNEC to 11.51 percent from 16.3 percent, weakening Leviste's influence within the renewable power company he founded. Pangilinan, whose Meralco Group had taken control of SPNEC in 2023 after acquiring a majority stake from SPPPHI, announced that Leviste was currently engaged in discussions with a foreign investor to sell the remaining shares in the company.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
