Philippines Largest Integrated Sugar Producer Roxas Holdings Inc. Selling its Sugar Milling & Refining Operations

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The country’s largest integrated sugar producer, Roxas Holdings Inc. (RHI), has decided to sell its sugar milling and refining operations in Batangas to Gokongwei-led Universal Robina Corp. (URC) to reduce its debts.

RHI’s operations in Batangas, are under its wholly owned subsidiary, Central Azucarera Don Pedro Inc. (Cadpi) which produces almost roughly 6% of the country’s total yearly sugar output.

RHI’s decision came at a time when the country’s refined sugar production was not able to meet the domestic demand, particularly of industrial groups, which led the government to allow the importation of some 200,000 metric tons of sugar from Thailand.

Roxas Holdings Inc.’s  President and CEO Hubert D. Tubio said the sale of their sugar milling and refining facilities in Nasugbu would allow the company to focus on its operations in Negros.

SOURCEChiniMandi

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