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Regardless of promoting his stake to tycoon Manny Pangilinan in October 2025, Batangas Consultant Leandro Leviste stays vice chair of SP New Vitality Company’s board of administrators
MANILA, Philippines – SP New Vitality Company (SPNEC), now managed by tycoon Manuel V. Pangilinan, is rebranding to MGEN Renewable Vitality Holdings (MGENR) amid heightened scrutiny over its hyperlinks to its earlier proprietor, Batangas 1st District Consultant Leandro Leviste.
In a disclosure to the Philippine Inventory Change on Thursday, January 22, SPNEC mentioned its board of administrators permitted the rebranding to MGENR and the change of its inventory image. The rebrand is presently pending approval from the Securities and Change Fee (SEC).
SPNEC additionally knowledgeable the investing public that it has amended its articles of incorporation and by-laws to mirror this alteration.
“That is half and parcel of the gradual rollout and implementation of the general branding technique of the Meralco PowerGen Company Group,” the corporate wrote.
The rebrand comes amid heightened scrutiny over Leviste’s ties to the agency. Though Leviste bought his controlling stake in SPNEC to Pangilinan’s MGen Renewable Vitality Included in October for P13.8 billion, the businessman-turned-politician retains possession over SPNEC’s dad or mum agency, Photo voltaic Philippines Energy Mission Holdings Included (SPPPHI).
The neophyte congressman additionally stays vice chair of SPNEC’s board.
The Division of Vitality (DOE) earlier slapped some P24 billion in penalties on Photo voltaic Philippines for failing to ship some 12,000 megawatts in renewable power tasks that have been resulting from come on stream in 2024 and 2025.
Ombudsman Boying Remulla has accused Leviste of constructing billions of pesos from the alleged sale of a congressional franchise to Pangilinan.
Leviste has since denied the allegations as Photo voltaic Para sa Bayan – one other Photo voltaic Philippines subsidiary that was granted a franchise – stopped operations in 2022.
He clarified that the SPNEC was a separate entity from Photo voltaic Para sa Bayan, and the previous has no congressional franchise.
Even then, SPNEC took over DOE contracts of different Photo voltaic Philippines subsidiaries, such because the Sta. Rosa, Nueva Ecija solar energy mission awarded to Photo voltaic Philippines Business Rooftop Tasks. – Rappler.com
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