MVP cements control of SPNEC with 69% stake
Billionaire Manuel V. Pangilinan gained a stronger hold in SP New Energy Corp. (SPNEC) after businessman and newbie lawmaker Leandro Leviste had completed his sale of shares worth about P13.76 billion.
The block sales, completed on Monday, allowed MGen Renewable Energy Inc. (MGreen) to secure 10.83 billion of new common shares from Leviste’s Solar Philippines Power Project Holdings, Inc. This followed the maturity of their loan deals.
MGreen is the renewable arm of Meralco Power Gen Corp., the power generation business of Manila Electric Co.
The exchangeable note facility agreements were pursued in September 2024 and March of this year. The first portion involved 5.82 billion shares priced at P1.29 per share. The second wave, meanwhile, covered 5 billion shares at P1.25 each.
In a disclosure on Wednesday, SPNEC said MGreen’s stockholding rose to 28.7 billion common shares from 17.87 billion. It also has 19.4 billion preferred “B” shares.
Solar Philippines’ remaining shares, on the other hand, were reduced from 18.99 billion to 8.16 billion common shares.
Following this development, MGen’s stake in SPNEC now stands at 69.25 percent.
Just last week, Leviste consolidated his shares via a P6.32-billion share transfer from his company, Solar Philippines.
This came just four months after the young businessman had decided to unload his interests in SPNEC and affiliates after winning the position as Batangas 1st district representative.
