Roxas Holdings Inc. (RHI), an integrated sugar and bioethanol company, said Friday it plans to complete the sale of its bioethanol business under San Carlos Bioenergy Inc. (SBCI) by the second or third quarter of 2024 to raise capital for debt refinancing.
RHI said in a reply to the stock exchange’s inquiry it was also planning to dispose of its non-core assets, aside from SCBI assets, to provide liquidity to the group.
“RHI is presently in earnest discussion with a prospective buyer of SCBI. However, the discussion is ongoing, and no definitive agreement has yet been reached pertinent to the sale at this time. The expected timetable to complete the sale of SCBI is within the second or third quarter of 2024,” the company said.
RHI did not identify the prospective buyers of SBCI.
Included in the planned sale of SCBI are assets relating to the bioethanol business valued at P3.51 billion and liabilities directly associated with these assets amounting to P1.7 billion as of Dec. 31, 2023.
The company also holds parcels of land in Barrio Lumbangan, Nasugbu, Batangas for lease to third parties.
Its sugar milling business under Central Azucarera Don Pedro, Inc. (CADPI) closed its operations as of February 28, 2024 over losses.
CADPI will not likely resume operations over the near-term period, the company said.
“CADPI will safekeep and preserve the refinery plant and related assets until there arises a viable business opportunity that will warrant resumption of operations,” RHI said.
RHI posted a net loss of P359.3 million from October to December 2023, wider by 183 percent than P196 million recorded in the same period last year.
