Young businessman Leandro Leviste, who has made a name in the power industry as the founder of Solar Philippines, has expanded his portfolio of investments after he successfully acquired equity in ABS-CBN Corp.

In a social media post on Thursday, Solar Philippines said Leviste purchased 76.5 million shares of ABS-CBN, equivalent to 8.5 percent of the Lopez Family-led media company.

Leviste purchased the shares through LL Holdings, Inc. and its parent company, Countryside Investments Holdings Corp.

The acquisition made Leviste's LL Holdings the largest shareholder of ABS-CBN after the Lopez family's Lopez, Inc.

"ABS-CBN is a great company that has helped countless people over the years. I hope there may now be a way for us to be of help, for the benefit of ABS-CBN's shareholders and employees, and the media industry of the Philippines," Leviste was quoted as saying in the post.

ABS-CBN's share price surged 38 percent over the past week to P4.74 per share as of 11:10 a.m.

At this price, Leviste's 76.5 million shares are equivalent to roughly P363 million.

Leviste's Solar Philippines has sold over P6 billion worth of shares of SP New Energy Corp. (SPNEC) in the past year.

Solar Philippines and affiliates still own 20.6 billion shares of SPNEC valued at approximately P22 billion.

SPNEC, meanwhile, is undertaking the development of the world's largest solar farm with 3,500 MW of solar panels and 4,000 MWh of battery storage in Nueva Ecija and Bulacan.

The projects are targeted to start operations by 2026.