First Pacific acquires share of Roxas Holdings

Sugar producer Roxas has sold 31% of its 66% share in Roxas Holdings to Hong Kong-based First Pacific PHP2.23 billion (€37.8 million).

Pedro Roxas, executive chairman of Roxas, says the move ‘ends the group’s long search for a strategic partner and will accelerate our plan to be the dominant sugar company in the Philippines’.

The move reportedly paves the way for the development of its three sugar companies including bioethanol producer Roxol Bioenergy.

Roxas will share management duties with First Pacific, which is aiming to bolster its share to 34% by acquiring additional shares from the holdings of other stockholders.