MANILA, Philippines - Businessman Manuel V. Pangilinan has acquired 34 percent of listed sugar miller Roxas Holdings Inc. (RHI) after investing P2.474 billion in the firm.
RHI yesterday announced that Pangilinan has been elected as vice chairman of its board of directors after the acquisition.
Pangilinan is the founder and CEO of First Pacific Co. Ltd. He is also chairman of Metro Pacific Investments Corp., the Philippine Long Distance Telephone Co., Manila Electric Co. and other major companies in the country.
Two officials in Pangilinan-led companies were also elected to replace and serve the unexpired terms of RHI directors who resigned. They are lawyers Ray C. Espinosa and Alex Erlito S. Fider.
Espinosa is the associate director of First Pacific, vice chairman of the Board of Trustees of the PLDT Beneficial Trust Fund, the general counsel of Manila Electric. He also sits as director in several companies.
Fider is a director and corporate secretary of several Panglinan-led firms, including Metro Pacific Tollways Corp., Smart Communications, Inc. and Maynilad Water Services Inc. He is a senior partner of Picazo Buyco Tan Fider Santos Law Office.
RHI is an integrated sugar milling business, exercising full management of Central Azucarera Don Pedro Inc., in Nasugbu, Batangas, as well as Central Azucarera de la Carlota Inc., and Roxol Bionergy Corp. In La Carlota, Negros Occidental.
It also holds a 45-percent interest in sugar miller Hawaiian-Philippine Co. in Negros Occidental.
RHI posted a lower year-on-year net income after tax of P473 million for its fiscal year ending in September despite operating on lower costs.
In fiscal year year ending September 2012,the company reported a net income after tax of P667 million, its highest in 85 years.
The company disclosed to the local bourse earlier that its earnings before interest, taxes, depreciation and amortization (EBITDA) reached P1.72 billion ending its fiscal year, up from P1.6 billion year-on-year.
Net income before tax reached P715 million.
RHI president and CEO Renato C. Valencia said sugar production continues to be the main income driver for the group.
The company is now embarking on a capacity-building program to prepare for stiff competition resulting from the economic integration of Southeast Asian economies in 2015.