SOLAR PHILIPPINES Power Project Holdings, Inc. (SPPHI) has transferred 10.83 billion common shares of SP New Energy Corp. (SPNEC) to its founder Leandro Antonio L. Leviste, now Batangas first district representative, through a special block sale worth P6.32 billion.
In a stock exchange disclosure, SPNEC said the transfer was implemented through the Philippine Stock Exchange on Oct. 22 and “did not change Mr. Leviste’s beneficial ownership in the company.”
SPPHI is wholly owned by Mr. Leviste, who serves as a substantial shareholder of SPNEC. The transfer effectively moves the shares under his personal ownership from his private holding company.
Earlier, SPPHI announced plans to sell part of its SPNEC shares to Meralco PowerGen Corp. (MGEN), which had agreed to acquire a total of 14.6 billion shares for about P18.26 billion.
SPNEC, through its subsidiary Terra Solar Philippines, Inc., is developing the P200-billion MTerra Solar Power Project, which spans 3,500 hectares across Nueva Ecija and Bulacan.
On Wednesday, SPNEC shares rose by 1.74% or 2 centavos to close at P1.17 apiece. — Sheldeen Joy Talavera
