Businessman Leandro Leviste said Tuesday he acquired a 7.55-percent stake in Roxas and Company Inc. (RCI), making him the second largest shareholder of the Roxas-led listed firm.
Leviste said in a regulatory filing with the Securities and Exchange Commission he purchased 188.89 million shares in RCI.
The share price of RCI has been going up since last week.
RCI’s share price climbed 381 percent as of March 19 to P2.25 per share from a closing price of P0.59 on March 11. Based on this, Leviste’s 188.89 million shares now have a market value of P425 million.
RCI, primarily owned by the Roxas Group, has interests in real estate and sugar businesses through its wholly-owned subsidiary Roxaco Land Corp. (RLC), and Roxas Holdings Inc. (RHI).
RCI said it secured ownership rights over huge track of land in Batangas in February, after it ended a four-decade long land dispute with agrarian reform beneficiaries (ARBs) over its three haciendas – Palico, Banilad and Calaway.
RCI said the Department of Agrarian Reform confirmed its ownership rights with finality over 1,619.23 hectares of property, on top of its compensation for giving up 1,322 hectares to ARBs.
RCI said it is now drafting and finalizing its plans on how to maximize value of the properties. Among its options include residential, commercial, industrial and tourism projects.
Meanwhile, Leviste-owned Countryside Investments Holdings Corp. (Countryside) last week reported plans to invest P5 billion to help propel the development of rural Batangas.
Leviste is using the proceeds from the partial sale of his stake in SP New Energy Corp. to Meralco PowerGen Corp. and other investors.
Countryside aims to make investments that solve social issues in ways that are mutually beneficial for investors and communities.
“Countryside believes that providing equitable compensation and partnering with local communities is key to ensuring the success of any investment. The company committed to make investments that would contribute to ushering in a new era of sustainable development and shared prosperity for communities in Batangas,” it said.
