APIGD is a foundation that is chaired by Loren Legarda, who is the mother of Leandro Leviste, the owner of SPPPHI, which was the previous parent company of SPNEC before Mr. Leviste sold SPNEC to a subsidiary of Meralco [ MER 363.00, up 1.7% ]. MB bottom-line: The scope of that two-step donation is wild: APIGD now owns 2.35 billion shares of SPNEC, which according to Friday's closing price of P1.20/share, is worth P2.8 billion. It's the third-largest single shareholder of the company, and combined with Mr. Leviste's 18.99 billion direct and indirect shares of SPNEC, gives the family aggregate control of 42% of SPNEC's outstanding shares. When you add in the public float of 20% it would seem to give the MER Group just 38%, but don't forget that the MER investment agreement also transferred additional voting interest through preferred shares, giving MER's subsidiary a 50.5% share of the total voting securities and control of the company.