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Roxas and Co. to sell more assets

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Roxas and Co. Inc. (RCI) on Thursday said it will continue to dispose of its assets this year, while pursuing joint venture deals for its remaining land holdings.

“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 (the year),” the company said.

In its disclosure, the company said it appointed Edgar P. Arcos as its officer in charge, general manager and CFO following the retirement of Fernando L. Gaspar as its president and CEO at the start of the year.

Over the past two years, the Roxas Group sold raw land to major property developers Sta. Lucia Land Inc. and SM Prime Holdings Inc. as part of its strategy to de-leverage and enhance the value of its Nasugbu, Batangas landbank, it said.

Last month, the company sold what it called as its key non-performing assets to reduce its overall debt. These include the sale of the land and building in Cubao where the former Go Hotel sits.

It also sold some 27,680 square meters of raw land to National Grid Corp. of the Philippines located in Banilad, Batangas for its Calaca-Nasugbu transmission line project. The said land were sold for P50 million.

Last year, the company also signed a put option agreement for a maximum commitment of P800 million as a fund-raising option, and re-structured existing loan agreements totaling P2.9 billion to provide the Group with much-needed stability and working capital to maintain and grow its operations.

The Roxas Group still has its Metro Manila-based hospitality ventures under the Go Hotels brand, which were used as a quarantine facility, while its Anya Resort Tagaytay still serve as an off-city relaxation and staycation option.

The company also has its coconut processing subsidiary, Roxas-Sigma Agriventures Inc., which it said achieved double-digit revenue growth for the third straight year in 2020 and is providing high-quality products for export.

Read full article on BusinessMirror

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