Businessman Leandro Antonio L. Leviste has become the largest individual shareholder of sugar firm Roxas and Co. Inc. (RCI).
Leviste disclosed to the Securities and Exchange Commission that he has purchased 188.89 million shares of RCI, equivalent to 7.55 percent of the company.
RCI’s share price surged last past week, driven by the purchases of market participants, according to market participants.
From RCI’s closing price of P0.59 per share last March 11, its share price rose more than fourfold to P2.19 per share on March 19.
Based on this, Leviste’s 188.89 million shares have a market value of P413.66 million.
RCI previously operated the 97-year-old Central Azucarera Don Pedro sugar mill in Nasugbu, Batangas. It announced the closure of its business operations effective February 28. It will terminate all its employees on March 29.
The sugar mill’s closure affected over 13,000 farmers and sugar mill workers.