First Pacific takes control of ROX

11 Mar


Roxas Holdings Inc (RHI) said the First Pacific Group has increased its stake to 50.9% of the listed sugar miller.

This was after unit First Agri Holdings Corporation bought 241,780,709 treasury shares and another 35m shares from Pedro E. Roxas, Pesan Holdings Inc. and Marta Roxas.

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With the First Pacific Group taking control, Roxas and Company Inc (RCI) still has a 30.96% stake in RHI.

With the shakeup, the First Pacific Group will be entitled to 5 out of the 9 board seats, leaving RCI with 2 seats.

The remaining 2 board seats are reserved for independent directors.

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Posted by on March 11, 2015 in Corporate News, ROX, Stock Market


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