BY UNICAPITAL SECURITIES
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.
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.