RCI sells ROX stake to First Pacific No rating Roxas and Company, Inc. (RCI) sold 31% of its 66% share in Roxas Holdings, Inc. (ROX) to First Pacific Company, Ltd for Php 2.23b at Php 8 per share. This marks the end of the company’s long search for a strategic partner to become a dominant sugar company in the Philippines according to RCI and ROX Executive Chairman Pedro E. Roxas. RCI will remain a major shareholder at 35% of ROX and will share management with First Pacific which will hold 34% ownership as the latter will acquire additional shares form the holdings of other stockholders. RCI is the holdings company of the Roxas Group which has a raw real estate located in Nasugbu, Batangas, sugar-related assets and businesses held through ROX, and real estate development through its property arm Roxaco Land Corporation.
Posted on: Fri, 15 Nov 2013 02:02:29 +0000
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