Leviste Divesting Stake in SPNEC

Sale of shares to raise over P34 B

- By Richmond Mercurio

Leviste, who was elected congressman of the first district of Batangas, is divesting most of his shares in SPNEC before assuming office on June 30.

Leviste said he has signed an agreement to sell 5.01 billion SPNEC shares for P6.26 billion to Meralco PowerGen Corp. (MGen), on top of a previous deal to sell 5.82 billion shares for P7.5 billion.

MGen, the power generation arm of the Meralco Group, has already paid P13.76 billion to Leviste.

The transfer of the 10.83 billion shares, meanwhile, is expected to take place soon.

MGen also previously purchased 3.77 billion shares for P4.5 billion from Leviste.