Leviste hikes ABS-CBN stake; inches closer to board seat

Young businessman Leandro Leviste has increased his stakes in the Lopez family’s ABS-CBN Corp., a move that would enable him to gain a seat on the media company’s Board of Directors.

In a stock exchange disclosure on Wednesday, ABS-CBN announced Leviste’s LL Holdings Inc. (LLH), together with parent company Countryside Investments Holdings Corp., now owns 90 million shares of ABS-CBN and ABS-CBN Holdings Corp. (ABSP).

Leviste’s shares takeup is equivalent to 10 percent of the outstanding shares of ABS-CBN.

Last month, Leviste revealed that he had acquired 8.5 percent of ABS-CBN as part of a series of investments following the sale of part of his stake in SP New Energy Corp. to Meralco PowerGen Corp.

LLH submitted its Initial Statement of Beneficial Ownership of Securities in compliance with disclosure rules upon reaching the 10 percent threshold to become a non-public shareholder.

With 90 million ABS-CBN and ABSP shares, Leviste presently has almost a fifth of the 502 million shares owned by Lopez Inc., bringing Leviste closer to gaining a seat on the 11-person ABS-CBN board of directors.

Notably, Leviste is already the largest shareholder of ABS-CBN after Lopez, Inc.

In a recent television interview, Leviste said his investments in ABS-CBN are aimed at “helping ABS regain its leadership in the media sector.”