Roxas Holdings completes sale of sugar milling plant, other assets to URC

ABS-CBN News

Posted at Oct 01 2020 12:30 PM

MANILA - Roxas Holdings Inc said Thursday it has completed its deal to sell assets to Universal Robina Corp.

The transaction includes the sale of its sugar mill and ethanol plant in La Carlota City, Negros Occidental and shares in Najalin Agri-Ventures Inc to URC, Roxas Holdings said in a disclosure to the stock exchange. 

Proceeds of the transaction were used to "pare down debts" of the group, said executive vice president and chief financial officer Celso Dimarucut.

The company will now focus on the Central Azucarera Don Pedro, Inc. in Batangas, (CADPI) said RHI chairman Pedro Roxas.

“We aspire to shape CADPI’s Refinery, strategically situated in Batangas, into a facility with world-class operations that can cater to a larger market,” Roxas said.

Earlier this month, the Philippine Competition Commission cleared the transaction, citing that the deal "will not likely result in substantial lessening of competition."