Solar Philippines founder Leandro Leviste bought into listed Roxas and Co. Inc. (RCI).
Leviste told the Securities and Exchange Commission he now owns 7.55 percent of RCI amounting to 188.89 million shares. He did not disclose the cost.
RCI’s share price surged 381 percent in the past week from a closing price of P0.59 per share last March 11 to P2.25 as of March 19. Based on this, Leviste’s 188.89 million shares have a market value of P425 million.
RCI’s landbank covers 2,941 hectares across RCI’s Hacienda Palico, Hacienda Banilad, and Hacienda Caylaway, all in Nasugbu, Batangas. The haciendas have been a subject of an order award for 1,322 hectares to agrarian reform beneficiaries by the Department of Agrarian Reform while recognizing RCI’s rights to the remaining 1,619 hectares.
Farmer groups have filed a motion for reconsideration and a petition for revocation on the DAR order, and have called for a more equitable settlement over RCI’s three haciendas.
These developments follow nearly four decades of legal battles between farmer groups and RCI.
RCI also previously operated the 97-year-old Central Azucarera Don Pedro sugar mill in Nasugbu, Batangas, which ceased operations on February 28.
Leviste announced last week a P5- billion investment in Batangas through his Countryside Investments Holdings Corp.
