Roxas and Company sells Batangas properties to NGCP

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Roxas and Company, Inc. (RCI), a firm mainly involved in property ventures, has formalized the sale of several of its properties in Batangas to the National Grid Corporation of the Philippines (NGCP).

In a disclosure to the Philippine Stock Exchange, RCI said that the company and subsidiary Roxaco Land Corporation (RLC) have sold to the NGCP around 27,680 square meters of their land in Barangay Banilad in Nasugbu town for a total of Php49.8 million, exclusive of value-added taxes. RCI owned 15,577 sqm valued at Php28 million, while RLC possessed around 12,103 sqm, which was eventually purchased for Php21.8 million.

The sale was approved by RCI’s board of directors last December 17, 2020.

RCI sold the properties in a bid to reduce its overall debt, as well as to deleverage. NGCP, meanwhile, bought the land for its Tuy (Calaca)-Dasmariñas 500 kilovolt Transmission Line Project.

The project would allow the grid firm to be more efficient in providing power to Nasugbu with electricity directly coming the coal-fired power plant in neighboring Calaca. In addition, the transmission line project “will be adjacent to properties of [NGCP] identified as a site for a future solar project.”

RCI would pay NGCP the 70% downpayment upon signing of the Deed of Sale, while the remaining 30% would be due upon annotation of the transaction on the relevant titles or issuance of a new Tax Declaration in the name of the grid firm.

The Roxas Group underwent a corporate reorganization in 2008 to separate its sugar and real estate businesses into two listed firms. RCI — the mother firm — focused on real estate, while Roxas Holdings, Inc. (RHI) focused on sugar. RCI eventually sold 31% of its stake in RHI to Manny Pangilinan’s First Pacific Co. Ltd. First Pacific currently controls RHI with 62.89% ownership, followed by RCI with 20.56% ownership.