Leviste acquires 8.5% stake in ABS-CBN
MANILA, Philippines — Businessman Leandro Leviste, a son of Sen. Loren Legarda, has acquired a stake in ABS-CBN Corp., the media giant of the Lopez family.
Leviste, through LL Holdings Inc. and parent company Countryside Investments Holdings Corp., purchased 76.5 million shares of ABS-CBN and ABS-CBN Holdings Corp., equivalent to 8.50 percent of its issued and outstanding common shares.
The acquisition makes LL Holdings as the largest shareholder of ABS-CBN after the Lopez family’s Lopez Inc.
“ABS-CBN is 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,” Leviste said.
Leviste is the founder of Solar Philippines and currently serves as vice chair of SP New Energy Corp. (SPNEC).
Solar Philippines and affiliates own 20.6 billion shares of SPNEC valued at approximately P22 billion.
Leviste also recently acquired shares in listed Roxas and Co. Inc., making him its largest individual shareholder with shares equivalent to 7.55 percent of the company.
His Countryside Investments had earlier announced a plan to invest P5 billion to help boost development of rural Batangas.
Legarda, Leviste’s mother, rose to prominence as an award-winning producer and news anchor on ABS-CBN starting in 1986.
Legarda anchored ABS-CBN’s World Tonight at the time Leviste was born in 1993, up to her run for the Senate in the 1998 elections.
ABS-CBN widened its net loss to P9.76 billion in 2023 from the P2.46 billion net loss incurred in the previous year.
The company realized an impairment loss of P9.12 billion due to the depreciation of its broadband and cable assets.
ABS-CBN’s bid for a franchise renewal was rejected by legislators in 2022, leading to its exit from free TV.
ABS-CBN shows, however, managed to make their way back to free TV following various partnerships with GMA, TV5, A2Z and ALLTV.
ABS-CBN’s share price surged yesterday to a high of P5.15 and closed at P5.10 per share.
