First Pacific takes control of Roxas Holdings

FIRST Pacific group is taking a controlling interest in Roxas Holdings Inc. (RHI) with the purchase of 241.78 million treasury shares worth a total of P1.7 billion, which will raise its stake in the sugar miller from 35 percent currently to 50.9 percent.

RHI said it has agreed to sell some of its treasury shares to Pangilinan-led First Pacific group in line with its expansion plans by taking in strategic investors amid the tightening competition in the sugar manufacturing sector.