Leandro Leviste increases stake in ABS-CBN to 10%

Solar Philippines founder Leandro Leviste has increased his stake in multimedia firm ABS-CBN Corporation to 90 million shares.

In a regulatory filing to the Philippine Stock Exchange on Wednesday, ABS-CBN disclosed that Leviste’s LL Holdings Inc. and its parent company Countryside Investment Holdings Corporation now own a total of 90,000,300 common shares of ABS-CBN and ABS-CBN Holdings (ABSP), comprised of 87,663,300 shares in ABS-CBN and 1,718,000 shares in ABSP.

ABS-CBN said ABSP shares acquired through Leviste Holdings and Countryside are in the process of being converted into ABS-CBN shares.

This will result in Leviste Holdings' owning 10% of ABS-CBN once the shares owned by its parent Countryside has transferred its shares in ABSP to its wholly owned unit.

Leviste, the president and CEO of both Leviste Holdings and Countryside, submitted the Initial Statement of Beneficial Ownership of Securities in compliance with rules for disclosing upon reaching the 10% threshold to become a non-public shareholder.

With 90 million shares, Leviste is close to gaining a seat in the 11-person Board of Directors of ABS-CBN.

Last month, Leviste announced his acquisition of 8.5% of ABS-CBN—making him the second largest shareholder of the media conglomerate after Lopez Inc.—as part of an investment spree following the selling of some of his stakes in SP New Energy Corporation to Meralco PowerGen.

Leviste is the son of Senator Loren Legarda, who was a news producer and anchor in ABS-CBN from 1986 until her foray into politics in 1998.— BM, GMA Integrated News

This article Leandro Leviste increases stake in ABS-CBN to 10% was originally published in GMA News Online.