Food firm Universal Robina Corporation (URC) and sugar refiner Roxas Holdings, Inc. (RHI) have agreed on the sale of RHI’s milling and refining assets in Nasugbu, Batangas, the two announced on Thursday.

In a regulatory disclosure, URC will acquire all buildings, improvements, machineries, transportation, lab equipment and the land of RHI’s wholly-owned subsidiary Central Azucarera Don Pedro, Inc. (CADPI).

Both firms said the transaction is subject to certain terms and conditions, including reviews from the Philippine Competition Commission.

RHI chair Pedro Roxas was optimistic about regulatory approval, which they target “before the start of the next crop year.”

“We believe that the sale transaction will bring about significant improvements in the sugar industry in Batangas for the benefit of all stakeholders — farmers, community, employees and mill alike,” Roxas said in a separate statement.

“Together with URC-Balayan, we believe that URC’s acquisition of the milling and refining assets of CADPI will create synergies in the sugar industry in Batangas that will benefit all stakeholders — sugarcane farmers, sugarcane workers and the communities,” URC’s chair Lance Gokongwei said.