Loren Legarda's son buys ABS-CBN stake

ABS-CBN Corp File Photo

SOLAR Philippines founder Leandro Leviste, son of former ABS-CBN anchor and now Sen. Loren Legarda, has acquired an 8.5-percent stake, equivalent to 76.5 million shares, in the Lopez-led media company.

Leviste, through LL Holdings (LLH) and Countryside Investments Holdings Corp., purchased 75.9 million shares of ABS-CBN and 619,000 shares of ABS-CBN Holdings Corp. (ABSP), the media firm told the stock exchange on Thursday.

Following the investment, LL Holdings has now become the largest shareholder of ABS-CBN after the Lopez family’s Lopez Inc.

“Countryside’s ABSP shares are in the process of being converted into shares of ABS, after which Countryside plans to transfer these shares to LLH, which is a wholly-owned subsidiary of Countryside,” ABS-CBN noted.

The media company’s share price has surged over the past week, closing at P5.10 per share on Thursday and valuing Leviste’s 76.5 million shares at approximately P390 million.

In a social media post by Solar Philippines, Leviste described ABS-CBN as a “great company that has helped countless people over the years.”

“I hope there may now be a way for us to be of help, for the benefit of ABS-CBN’s shareholders and employees, and the media industry of the Philippines,” he added.

The latest transaction followed Leviste’s buyout of nearly 200 million shares of Roxas and Co. Inc., making him the largest individual shareholder of the listed holding firm.

Leviste-led Countryside also plans to invest at least P5 billion in rural development projects in western Batangas to help steer the local economy and create jobs.

In the past year, Solar Philippines has sold more than P6 billion worth of shares of SP New Energy Corp. (SPNEC).

The solar firm and its affiliates, however, still own 20.6 billion shares of SPNEC, valued at around P22 billion.

ABS-CBN’s shares rose by 18.06 percent, or 78 centavos, to P5.10 and those of ABS-CBN Holdings added 47 centavos, or 11.55 percent, to P4.54 apiece.