Roxas Holdings Inc. (RHI), a key player in the sugar and ethanol industry in the Philippines, has announced a temporary suspension of its stock trading from May 20 to May 31 on the Philippine Stock Exchange. This strategic move aims to mitigate speculative trading amidst ongoing discussions regarding a potential major investment by businessman Leandro Leviste. Although negotiations are still in progress, the company took this preventive action following rumors that Leviste, the youthful entrepreneur behind SP New Energy Corp. (SPNEC), is considering acquiring a controlling interest in RHI.
This development follows the news that Leviste's Countryside Investments Holdings Corp. has signed a preliminary term sheet with tycoon Manuel Pangilinan, proposing a P5 billion investment for a 71.6 percent stake in RHI, although this agreement is not yet legally binding and remains contingent on several conditions including approvals from corporate boards, shareholders, and regulatory bodies.
RHI has emphasized that the term sheet is merely indicative and does not constitute a legal obligation for any parties involved. The company plans to keep the public informed with timely disclosures once any definitive developments occur regarding this potential transaction. Prior to this, Leviste had already secured a significant position in another Roxas-affiliated company, Roxas and Co. Inc., where he holds a 10-percent share, marking him as the largest individual shareholder.
This background indicates Leviste's ongoing interest and expanding influence within the Roxas corporate family, highlighting his strategic interests in the energy and agricultural sectors.
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