Makati—(PHStocks)—Roxas Pacific Bioenergy Corporation (RPBC), a subsidiary of Roxas Holdings Inc. (PSE: ROX), has raised its ownership in San Carlos Bioenergy Inc. (SCBI) to 93.68% with the purchase of 64.02% from Menarco Clean Energy Inc. of the Jimenezes.
The consideration to Menarco Clean Energy will be PhP1.0083 billion
This acquisition is the third in seven weeks, beginning with 26.7% from the Zabaletas for PhP420 million last March 18, and followed by the acquisition of 2.96% from the Valmayors for PhP46.721 million last April 16. The National Development Corp. (NDC) remains as minority shareholder with 6.32% share.
RHI Chairman Pedro E. Roxas said: “The acquisition of SCBI has showed that RHI has become the country’s biggest ethanol producer. We hope to achieve greater economies of scale in our operations, strengthen our relationships with the oil companies who are our ethanol buyers, and boost our contribution to the industry.”
Vice Chairman Manuel V. Pangilinan said the increased stake in SCBI would create synergies from our bioethanol plants and lead to higher efficiencies.
President and CEO Renato C. Valencia stressed that this acquisition is in line with the diversification initiatives of the Group from purely sugar operations into bioethanol and cogeneration or renewable energy business.