Pangilinan-led MGN Businessman turned politician Leandro Antonio L. Renewable Energy, Inc. after Leviste completed the sale of its shares worth P13.76 billion through a block sale. (MGreen) has acquired majority control of solar developer SP New Energy Corporation (SPNEC).
The transaction involves MGGreen acquiring Solar Philippines Power Project Holdings, Inc., the company said in a regulatory filing on Wednesday. (SPPHI) involves the acquisition of 10.83 billion common shares of SPNEC, following the maturity of their debt agreements.
This follows two block sale transactions involving a P7.5 billion loan that can be converted into SPPHI's 5.8 billion common shares in SPNEC at a price of P1.2873 per share. SPNEC also paid P6.3 billion for five billion common shares at P1.25 each.
The transaction brought MGGreen's equity stake in SPNEC from 53.7% to 69.26%, consisting of 28.71 billion ordinary shares and 19.4 billion preferred “B” shares.
Meanwhile, Mr Leviste's ownership has dropped to 9.35 billion shares, or 18.66% of SPNEC's ordinary shares.
In June, SPPHI announced Mr Leviste's move to sell the majority of his shares in SPNEC before taking office on 30 June. He was elected Congressman of the 1st District of Batangas.
Last week, SPPHI transferred P6.3 billion worth of shares to Mr. Leviste, effectively changing his ownership from indirect to direct.
MGGreen is wholly owned by Meralco Powergen Corp., a power generation subsidiary of Manila Electric Company (Meralco).
The company is currently developing the P200-billion Mterra Solar Power Project, consisting of a 3,500-megawatt-peak solar power plant and a 4,500-megawatt-hour energy storage system in Nueva Ecija and Bulacan.
The first phase of the project is targeted for completion next year, while the second phase is expected to be completed by 2027.
Meralco's majority owner, Beacon Electric Asset Holdings, Inc. Partially owned by PLDT Inc. is near. Hastings Holdings, Inc., a subsidiary of PLDT Beneficial Trust Fund MediaQuest Holdings, Inc. Is a unit of, is interested in. businessworld Through the Philippine Star Group, which he controls.
At the local stock exchange on Wednesday, the company's shares rose 2.5% or three centavos to close at P1.23 each. – Sheldeen Joy Talavera
