Insiders said businessman Leandro Leviste may soon complete his purchase of a controlling stake in the debt-saddled sugar producer, owned by tycoon Manuel V. Pangilinan-led First Pacific Group.
Recall that Leviste offered to buy RHI last May for P5 billion, prompting the listed firm to seek a temporary trading suspension to prevent speculative trading.
Unfortunately for holders, that suspension extended to several months because the company failed to submit the required financial documents, in violation of the exchange’s rules.
Fast forward to today, the acquisitive Leviste may soon make moves on RHI after securing a windfall.
We’re told this windfall was the P6.7-billion loan he received from a unit of Manila Electric Co. in exchange for shares of SP New Energy, owner of the massive Terra Solar project.
Leviste is expected to get another P800-million loan, boosting his war chest to P7.5 billion.
“We would like to close the investment soon,” the insider said. “It’s imminent.”
It’s well known that Leviste plans to transform RHI’s vast landholdings in Nasugbu, Batangas into an industrial estate, unlocking significant growth potential in the area.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
