Businessman Leandro Leviste, who announced his plans to invest in local communities in Batangas just last week, is now touted to be the biggest individual shareholder of Roxas and Company Inc., or RCI.
On Tuesday, Leviste informed the Securities and Exchange Commission of his acquisition of 188.89 million shares of RCI — representing a 7.55 percent stake in the publicly-listed company.
RCI’s share price jumped by 381 percent from its closing price of 59 centavos per share on 11 March to P2.25 per share on Tuesday. This surge translates to Leviste’s 188.89 million shares now having a market value of P425 million.
As noticed by market participants, the share price of RCI significantly surged in the past week due to the buying activities of a large number of investors.
RCI has recently made headlines concerning two of its establishments.
In Nasugbu, Batangas, an estimated 50,000 farmers have been protesting a recent order issued by the Department of Agrarian Reform.
The order involves over 2941 hectares across RCI’s Hacienda Palico, Hacienda Banilad and Hacienda Caylaway.
The decision awards 1322 hectares to the Agrarian Reform Beneficiaries, or ARBs while acknowledging RCI’s rights to the remaining 1619 hectares.
Farmer groups
In response to the order, farmer groups have filed a Motion for Reconsideration and a Petition for Revocation, expressing dissatisfaction with the settlement. They have called for a more equitable resolution regarding the three haciendas.
These developments follow nearly four decades of legal battles between farmer groups and RCI, highlighting the complexities of land ownership and agrarian reform in the Philippines.
Before this, RCI oversaw operations at the 97-year-old Central Azucarera Don Pedro sugar mill located in Nasugbu, Batangas.
In February, the facility announced the conclusion of its operations, resulting in the termination of all affected employees on 29 March.
The closure of this establishment is estimated to lead to the loss of livelihood for over 13,000 individuals directly associated with farming and sugar production.
Developments in rural areas
Last week, Leviste’s Countryside Investments Holdings Corp. announced that it earmarked more than P5 billion to fund various developments across rural areas in the western Batangas province.