Press Releases / News Updates
RCI sells 31% share in RHI to First Pacific
Roxas and Company, Inc. (PSEi: RCI), today reported that it sold 31% of its 66% share in Roxas Holdings, Inc. (RHI; PSEi: ROX), to Hong Kong-based First Pacific Company, Ltd. (HKEx: 142, ADRS: FPAFY) for PhP2.23 billion at PhP8 per share.
Mr. Pedro E. Roxas, the Executive Chairman of RCI and RHI, said the move “ends the sugar group’s long search for a strategic partner and will accelerate RHI’s plan to be the dominant sugar company in the Philippines”.
“This partnership of RHI with First Pacific, a leading global player, will strengthen RHI and prepare it for the industry consolidation that will take place with the advent of the ASEAN integration in 2015,” added President & CEO Renato C. Valencia.
RCI will remain a major shareholder at 35% of RHI and will share management with First Pacific, which will have 34% ownership as it will also acquire additional shares from the holdings of other stockholders.
RCI will use the proceeds to realign its core shareholders, strengthen its balance sheet, and finance its development projects focusing on the fastest-growing segment of realty/hotel/tourism.
RCI is the holding company of the Roxas Group. Its main holdings are raw real estate located in Nasugbu, Batangas, sugar-related assets and businesses held through RHI, and real estate development through its property arm, Roxaco Land Corporation (Roxaco).
First Pacific, led by Filipino businessman Manuel V. Pangilinan, is an investment management and holding company with operations located in Asia and business interests that relate to telecommunications, infrastructure, consumer food products and natural resources.