As a part of its efforts to reduce debt, Roxas Holdings has taken steps to sell a sugar mill and other assets to Universal Robina Corp. (URC). The decision has been taken to reduce the debts.
The value of the deal has not been disclosed. According to the media Business World news report, in a disclosure to the stock exchange on Friday, Roxas Holdings said the sale of the assets, which include an ethanol plant and other investment properties in La Carlota City, Negros Occidental, is subject to the approval of the Philippine Competition Commission and creditor banks.”
Chief financial officer and executive vice-president of the company Celso T. Dimarucut said, “We are planning to reduce prepaying long-term debts and clearing short-term debts ”
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