BY UNICAPITAL SECURITIES
Roxas Holdings Inc. (ROX) said it raised PHP 1.7 billion from the sale of treasury shares to First Agri Holdings Corporation (FAHC), a subsidiary of First Pacific Company Limited.
First Pacific acquired an additional 241.78 million shares in ROX for PHP 7.00 apiece. The acquisition raises First Pacific’s stake in ROX from the 34% before the investment to 50.9%, including the 35 million shares bought from the Philippine listed firm’s chairman Pedro E. Roxas and related parties.
Alongside First Pacific’s move, Roxas & Company INn. also bought 33.1 million shares from the market at a cost of PHP 232 million, allowing it to keep its 30% stake.
Roxas said ROX will use PHP 1.7 billion infusion to upgrade its plants, finance acquisitions, and expand its ethanol and power cogeneration business.