SOLAR Philippines founder Leandro Leviste has become the largest individual shareholder at listed holding firm Roxas and Co. Inc. (RCI) following his purchase of nearly 200 million sharesLeviste told the Securities and Exchange Commission on Tuesday that he had acquired 188.89 million shares of RCI, equivalent to 7.55 percent of the firm's total issued and outstanding common shares.

From a closing price of 59 centavos per share on March 11, RCI shares have advanced by 271 percent to P2.19 apiece as of March 19. This has brought the market value of Leviste's 188.89 million shares to about P413.7 million.

The latest transaction came after Leviste-led Countryside Investments Holdings Corp. announced plans to invest at least P5 billion for rural development projects in western Batangas to help steer the local economy and create jobs.

The planned investment was expected to produce employment opportunities for locals in response to the urgent need for employment following the closure of the Central Azucarera Don Pedro sugar mill.

The closure of the 97-year-old sugar mill, previously operated by RCI, affected the livelihood of more than 13,000 farmers and workers, Countryside noted.

Earlier this year, an estimated 50,000 farmers in Nasugbu protested against the Agrarian Reform department's order pertaining to over 2,941 hectares across RCI's Hacienda Palico, Hacienda Banilad and Hacienda Caylaway.

The order has awarded 1,322 hectares of land to the agrarian reform beneficiaries while recognizing RCI's rights to the remaining 1,619 hectares.

Farmer groups then filed a motion for reconsideration and a petition for revocation on the department order and called for a more equitable settlement over the company's three haciendas.