Manila, Philippines – The Philippine Stock Exchange (PSE) has officially lifted the suspension that affected SP New Energy (SPNEC) shares since January 26. This development comes in the wake of SPNEC’s announcement regarding a substantial donation made by Solar Philippines Power Project Holdings Inc. (SPPPHI) to the Asia Pacific Institute for Green Development (APIGD) on January 24. The donation of 220 million SPNEC shares to APIGD played a pivotal role in restoring SPNEC’s public float above the 20% minimum threshold, thus allowing for the resumption of active trading.
APIGD, a foundation chaired by Loren Legarda, has now become the third-largest single shareholder in SPNEC, holding a staggering 2.35 billion shares. At Friday’s closing price of P1.20 per share, this equates to a significant value of P2.8 billion. The donation, initiated by SPPPHI and the subsequent control exerted by APIGD, underscores the intricate ownership structure surrounding SPNEC.
Leandro Leviste, the owner of SPPPHI and the previous parent company of SPNEC, had sold SPNEC to a subsidiary of Meralco (MER) on a prior occasion. The move had sparked changes in ownership and control dynamics within SPNEC.
Intriguingly, with the addition of APIGD’s substantial shareholding and Leviste’s direct and indirect ownership of 18.99 billion SPNEC shares, the Leviste family now commands aggregate control of 42% of SPNEC’s outstanding shares. Despite the apparent public float of 20%, the investment agreement with MER Group has nuanced implications. The agreement facilitated the transfer of additional voting interest through preferred shares, ultimately granting MER’s subsidiary a 50.5% share of the total voting securities, consolidating control of SPNEC.
Merkado Barkada, providing opinions for informational purposes only, emphasizes the need for investors to conduct their due diligence before making any trading decisions. The complex ownership landscape of SPNEC, coupled with recent developments, necessitates careful consideration and analysis by individual investors. These opinions are based on information available at the time of publication and may not reflect subsequent changes in facts and figures.