Sugar miller and ethanol producer Roxas Holdings Inc. (RHI) has concluded the sale of its La Carlota sugar facility to Universal Robina Corp. (UR C).
RHI in a disclosure to the stock exchange said it will use the proceeds of the sale to pare down debts.
The value of the transaction was not disclosed.
The deal involves the sale of RHI’s sugar mill and ethanol plant in La Carlota City, Negros Occidental and its investment properties, consisting of shares in Najalin Agri- Ventures, Inc. (NAVI).
URC will also acquire the buildings, improvements, machineries and equipment, and laboratory equipment, as well as the parcels of land where the assets are built, necessary for the continuing operation of the sugar milling plant.
“With this development, RHI will be able to focus its resources on Central Azucarera Don Pedro, Inc. (CADPI) to meet the discerning sugar requirements of our clients and boost the operations of our ethanol facility, San Carlos Bioenergy, Inc. (SCBI),” said Pedro Roxas, RHI chairma.
“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,” he added.
“We hope to make CADPI ready and poised to seize opportunities with the expected increase in refined sugar consumption while helping the government minimize the importation of refined sugar,” meanwhile said Hubert D. Tubio, RHI president.
Tubio said the strategic location of CADPI brings it closer to industrial users, mainly food manufacturing companies and beverage producers that use our products.
