ABS-CBN Corp. (ABS-CBN) said Solar Philippines founder Leandro Legarda Leviste now has a 10 percent stake in the company.
Leviste has increased its ownership in ABS-CBN to 90 million shares, close to gaining a seat in the company’s board of directors, since accumulating shares early this year.
Since Leviste’s shareholding was first disclosed on May 2 2024, ABS-CBN’s share price has risen 77 percent to close at P7.65 per share on June 4 2024, valuing Leviste’s shareholding at around P688.5 million.
ABS-CBN told the Philippine Stock Exchange Leviste’s LL Holdings Inc. (LLH) has submitted its initial statement of beneficial ownership of securities in compliance with rules for disclosing stake that reached the 10 percent threshold to become a non-public shareholder.
With 90 million ABS-CBN and ABSP shares, Leviste now has almost a fifth of the 502 million shares owned by Lopez Inc., bringing Leviste closer to gaining a seat on the 11-person ABS-CBN board of directors.
This also makes Leviste the largest shareholder of ABS-CBN after Lopez, Inc.
Last month, Leviste disclosed the acquisition of 8.5 percent of ABS-CBN then, as part of a series of investments after selling part of his stake in SP New Energy Corp. to Meralco PowerGen Corp.
