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Businessman Leandro Leviste, a son of Senator Loren Legarda, increased his stake in broadcast network ABS-CBN Corp. to 10 percent ahead of the company’s annual stockholders meeting this month.
ABS-CBN said in a regulatory filing Leviste’s LL Holdings Inc. and Countryside Investments Holdings Corp. (CIHC) now own 90 million shares in ABS-CBN and ABS-CBN Holdings Corp (ABSP), equivalent to 10-percent beneficial ownership in the broadcast firm.
LL Holdings and CIHC are now in the process of converting their ABSP shares into common shares.
LL Holdings acquired 8.5-percent interest in ABS-CBN in May, making Leviste the second largest shareholder of ABS-CBN after the Lopez family’s Lopez Inc.