Sugar and ethanol producer Roxas Holdings Roxas Holdings Inc. said Wednesday the Securities and Exchange Commission approved the merger of its five units that will lead to better operational and fiscal management.
The merger involves Central Azucarera De La Carlota Inc., Roxol Bioenergy Corp., RHI Agri-Business Development Corp., Roxas Pacific Bioenergy Corp. and Central Azucarera Don Pedro Inc., with CADPI as the surviving entity.
“The merger is expected to provide better operational and fiscal management across the other remaining entities in operation under the issuer,” RHI said in a disclosure to the stock exchange.
“Since all entitles involved in the merger are existing subsidiaries of RHI, there will be no material impact to the parent company/issuer’s financial position or business post-merger,” it said.