Countryside Investments Holdings Corp. (CIHC), a company owned by businessman Leandro Leviste, has acquired 8.5 percent stake in Lopez-owned ABS-CBN Corp.
ABS-CBN said Thursday in a report to the stock exchange that CIHC through its wholly owned subsidiary LL Holdings, Inc. has acquired 76,500,000 shares of ABS-CBN and ABS-CBN Holdings Corp. (ABSP), equivalent to 8.50 percent of the company’s total issued and outstanding common shares.
CIHC is also in the process of converting its ABSP shares into ABS shares, which it plans to transfer to LL Holdings.
Leviste is the son of Senator Loren Legarda, who served as newscaster for ABS-CBN before embarking on a political career.
ABS-CBN reported a net loss of P9.7 billion in 2023, higher than P2.5 billion net loss booked a year ago.