PANGILINAN-LED MGEN Renewable Energy, Inc. (MGreen) has gained greater control of solar developer SP New Energy Corp. (SPNEC) after businessman-turned-politician Leandro Antonio L. Leviste completed the sale of his shares worth P13.76 billion through a block sale.
The transaction involved MGreen’s acquisition of 10.83 billion common shares of SPNEC in Solar Philippines Power Project Holdings, Inc. (SPPHI), following the maturity of their loan agreements, the company said in a regulatory filing on Wednesday.
This follows the two block sale transactions involving a P7.5-billion loan that can be converted into 5.8 billion common shares of SPPHI in SPNEC at a price of P1.2873 per share. SPNEC also paid P6.3 billion for five billion common shares at P1.25 apiece.
The transaction brought MGreen’s equity stake in SPNEC from 53.7% to 69.26%, comprising 28.71 billion common shares and 19.4 billion preferred “B” shares.
Meanwhile, Mr. Leviste’s ownership has decreased to 9.35 billion shares, or 18.66% of the SPNEC’s common shares.
In June, SPPHI announced Mr. Leviste’s move to divest most of his shares in SPNEC before assuming office on June 30. He was elected congressman of the first district of Batangas.
Last week, SPPHI transferred P6.3 billion worth of shares to Mr. Leviste, effectively changing his ownership from indirect to direct.
MGreen is wholly owned by Meralco PowerGen Corp., the power generation subsidiary of Manila Electric Co. (Meralco).
The company is currently developing the P200-billion MTerra Solar Power Project, featuring 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 by 2027.
Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.
At the local bourse on Wednesday, shares in the company climbed by 2.5% or three centavos to close at P1.23 each. — Sheldeen Joy Talavera
