Roxas moves to sell more non-core assets, pay debts


Roxas and Co. Inc. plans to sell more non-core assets and pay debts while expanding the core hospitality and coconut processing businesses to ensure growth.

RCI in a disclosure to the stock exchange said it would pursue major sale and joint venture deals in relation to its land holdings.

The company in the past two year has sold several assets in a bid to reduce debts. It disposed of raw lands to major property developers Sta. Lucia Land Inc. and SM Prime Holdings Inc. to deleverage and enhance the value of its Nasugbu, Batangas asset.

RCI and its subsidiaries also sold key non-performing assets, including a land and building in Cubao, Quezon City at the beginning of the year and raw land properties in Batangas to National Grid Corp. of the Philippines for roughly P50 million.

RCI signed a put option agreement for a maximum commitment of P800 million as a fund-raising alternative and re-structured loan agreements totaling P2.9 billion to give the stability and working capital to maintain and expand operations.

Meanwhile, RCI said its Metro Manila-based hospitality ventures under the Go Hotels brand continue to be important quarantine facilities as well as an off-city relaxation/staycation option given the challenges and restrictions related to travel.

Its coconut processing subsidiary, Roxas-Sigma Agriventures Inc., achieved a double-digit revenue growth for the third straight year. It is providing high-quality products for export while boosting local farmers and supply chain partners.

The board of RCI in December approved the retirement of president and chief executive Fernando Gaspar and the appointment of chief financial officer Edgar Arcos as officer-in-charge-general manager.

“Under its new leadership, RCI reassures all of its group stakeholders that there will be continuity in implementing its overall strategy and best efforts are being exerted to achieve, and even surpass, the targets set for CY 2021,” the company said.

COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.





Source link

SHARE ME PLEASE!
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Leave a Reply