Leviste divests from SPNEC

Young tycoon Leandro Legarda Leviste is raising a total of P34 billion from the divestment of his shares in solar producer SP New Energy Corp. (SPNEC) before assuming his new role as congressman for the ist district of Batangas in the House of Representatives on June 30, 2025.

- By JAMES A. LOYOLA

In a statement posted on his social media page, Leviste said he has signed an agreement to sell 5.01 billion SPNEC shares for 6.26 billion to Meralco PowerGen Corp. (MGen), in addition toa previous agreement to sell 5.82 billion shares for 27.5 billion.

Under these agreements, MGen has already paid Leviste 13.76 billion, while the transfer of the 10.83 billion shares is expected soon.

MGen had previously purchased 3.77 billion shares from Leviste for P4.5 billion. Altogether, Leviste’s wholly owned companies have agreed to sell a total of 14.6 billion shares to MGen for P18.26 billion.

In 2023, Leviste also sold 1.84 billion SPNEC shares to public shareholders for P2.23 billion. In total, Leviste has sold 16.44 billion shares for P20.49 billion.