The majority owner of SP New Energy Corp. (SPNEC) snapped up P1.3 million worth of shares in the troubled start-up.
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Leandro Leviste bought 1.278 million shares at an intra-day low of P1.03 on December 13 through his firm, Countryside Investments Holdings Corporation (CIHC).
SPNEC plumetted 7.38 percent on the same day Leviste bared that it was in dispute with a joint venture partner which it did not identify.
The relationship has gone so bad that both parties could be forced to trigger the shotgun provision where both would have to submit a bid with the highest bidder getting the right to buy out the losing partner.
SPNEC has lost 14 percent to P1.12 over the last three days.
The SPNEC president, CEO and chairman has a total of 5.735 billion shares or 57.4 percent of the renewable energy start-up.
Leviste can unload as much as 5.4 billion shares starting December 17 when the 365-day lockup on his shares expires.