Roxas Holdings Inc. (RHI), which is subject to possible takeover by businessman Leandro Leviste, on Monday sought a nine-day trading suspension of its shares to prevent market speculation.
Leviste, through Countryside Investments Holdings Corp. (CHCI), signed a non-binding agreement to acquire a controlling stake in RHI.
The company would like to apply for a voluntary suspension of the trading of its securities to avoid speculative trading, starting May 20 until May 31, 2024, when the investment agreement and other definitive agreements are indicated to be executed and completed as per the term sheet,” RHI said in a disclosure to the stock exchange.
“Rest assured that the company will apprise the PSE of further developments on this matter as they arise,” RHI said.
RHI confirmed reports that a non-binding agreement was signed between CHCI and First Pacific Natural Resources Holdings, BV First Agri Holdings Corp. which are wholly-owned subsidiaries of Hong Kong’s First Pacific Co. Ltd.
First Pacific through its subsidiaries owns a 62.89-percent stake in RHI.
CHCI’s investment in RHI, which is expected to reach P5 billion, is seen to help RHI service debt to avoid bankruptcy, increase tax revenues of the municipality of Nasugbu and create more and better jobs for the benefit of local farmers and former sugar industry workers.
RHI is chaired by Pedro Roxas, once the largest integrated sugar company in the Philippines.
It owns Central Azucarera Don Pedro Inc., a former sugar refinery and sugar mill, and 236 hectares in Nasugbu, Batangas.
Roxas Holdings closed its sugar business in March 2024 after 97 years in operations.
The company also owns San Carlos Bioenergy, Inc., a bioethanol plant in Negros Occidental, which it plans to sell to repay debts.
The share of RHI was last traded at P1.45.
