Listed Roxas and Company, Inc. (RCI) on Monday said its unit, which operates the Go-Hotel franchise, is selling and relocating its site in Cubao for P411 million as part of the company’s bid to improve net income and reduce debt.

RCI said its subsidiary, Roxaco-Asia Hospitality Corp. (RAHC), an operator of five budget hotels under the Go-Hotel franchise, decided to sell and relocate its Cubao site “to a more strategic location.”

“Proceeds from the sale of Cubao of about P411 million will be used to improve existing sites and lower the subsidiary’s outstanding debt until a new site has been identified,” RCI told the stock exchange on Monday.

Meanwhile, in a separate disclosure, RCI said it sold 676,000 treasury shares on 20 December in line with its fund-raising initiative for working capital and expansion projects.

RCI raised about P1.4 million from the sale of 476,000 shares priced P2.11 apiece, 72,000 shares priced P2.15 apiece and 128,000 shares priced P2.16 apiece.

The transaction brings RCI’s outstanding shares to 2.050 billion.

“The company is programming this year to meet its business plan commitments by raising funds through the sale of treasury shares. The company started selling its treasury shares on 15 February 2018,” RCI said.