Leviste firm acquires largest Nueva Ecija poultry farm
Acquisition of the farm, previously owned by JJPNM Agro-Industrial Corp., is aligned with Provincia’s drive to uplift rural areas through strategic investments in real estate, industrial, and energy projects
Provincia Investments Corp. has acquired JJPNM Agro Industrial Corporation, the owner of the largest poultry farm in Nueva Ecija.
Photo courtesy of Solar Philippines.
Provincia Investments Corp., owned by Solar Philippines founder Leandro Leviste, has acquired a 60-hectare poultry farm in Nueva Ecija, marking a significant step in the company’s strategy to expand its local operations.
In a statement on Tuesday, Provincia described the farm, previously owned by JJPNM Agro-Industrial Corp., as the largest poultry facility in the province.
While the company did not disclose the investment amount, it noted that the land was purchased at an “attractive price,” excluding the value of existing poultry structures.
Upliftment of areas through strategic investments
The company pointed out that the acquisition is aligned with Provincia’s drive to uplift rural areas through strategic investments in real estate, industrial, and energy projects.
Jobs creation, increasing household incomes, and sustainable growth are some of Provincia’s investments’ major aims.
“We are grateful to our partners who have helped our business grow. Now that we have this capital, it is our responsibility to invest it to benefit as many of our countrymen as we can,” Leviste said.
Secondary shares in SPNEC
In addition, Provincia will invest P15 billion to generate jobs in Batangas and other provinces through funds from the sale of secondary shares in SP New Energy Corp. (SPNEC), a subsidiary of Solar Philippines.
The planned investment will complement the initial P5 billion pledge made by Countryside Investments Holdings Corp., another company owned by Leviste.
Recently, Meralco PowerGen Corp. paid Leviste’s Solar Philippines Power Project Holdings Inc. P6.7 billion for 5.8 billion shares of SPNEC. Solar Philippines has now raised approximately P15 billion from its SPNEC shares while retaining a 29 percent ownership stake in the company.
Provincia’s initial projects are in Batangas, Tarlac, and Nueva Ecija and are aligned with SPNEC’s solar energy initiatives in those regions.
ACEN loan
In 2021, Provincia secured a loan from AC Energy Corp. (ACEN) to purchase land in Tarlac, which has since been fully repaid.
Looking ahead, Provincia plans to collaborate with Solar Philippines to develop its landholdings in Batangas, Tarlac, and Nueva Ecija.