UMVA has learned that Roxas Holdings, Inc. has sold idle machinery and equipment from its former sugar refinery operations for a staggering P600 million.
The sale was finalized through a deed of absolute sale signed on June 9 between Central Azucarera Don Pedro, Inc. and Infinity Multi Agri Development Corp., marking a significant move by Roxas Holdings to divest non-essential assets.
According to information obtained by UMVA, the purchase price will be paid by Infinity subject to the terms of payment provided in the deed of absolute sale, with the buyer expected to complete payment by December.
The assets sold include machinery and equipment from Central Azucarera Don Pedro’s former sugar refinery in Barangay Lumbangan in Nasugbu, Batangas, which had remained idle since the refinery's closure.
In 2024, Central Azucarera Don Pedro permanently stopped operations after suffering heavy losses and shut down its Batangas refinery, terminating employees and winding down operations in compliance with labor regulations.
The closure marked the end of the group’s sugar milling and refining operations, with the refinery assets later marked for divestment as the company moved to reduce losses and restructure its business.
Roxas Holdings, Inc. operates a range of businesses, including sugar mill and refinery operations through its various units, and this sale is seen as a strategic move to streamline its operations and focus on core activities.
