ROXAS AND CO., Inc. (RCI) aims to divest non-essential properties and further decrease its leverage this year.
The group said it is seeking large selling and joint venture agreements for its land assets and would also concentrate on strengthening its core businesses this year. It did not reveal the selling and venture transactions.
The Roxas Group has sold its land to big property developers. The organization discloses that it plans to divest its landbank and deleverage and improve the valuation of its Batangas landbank.
To mitigate its total debt, the firm sold certain non-performing properties such as its property and building in Cubao, and raw land in Batangas to the National Grid Corporation of the Philippines for the Calaca-Nasugbu transmission line network. Both estimates are inclusive of VAT.
They signed a put option agreement for the full investment of P800 million and restructured existing loans amounting to P2.9 billion for working capital required to sustain and expand its operations.
Meanwhile, The RCI Hotels appear to be a spot for quarantine since there is little movement of staff at all, although the Anya Resort remains an off-site venue for rest and holiday.
RCI’s coconut processing company, Roxas-Sigma Agriventures, Inc., raised its sales by double digits for the third consecutive year.