A subsidiary of Roxas Holdings Inc. (RHI) has agreed to sell all or substantially all of the assets of its shuttered sugar refinery business for P600 million to pare down outstanding bank debt.
In a disclosure on Thursday, RHI said that its wholly owned subsidiary, Central Azucarera Don Pedro, Inc. (CADPI), signed a Deed of Absolute Sale on 9 June covering idle machinery and equipment from its former sugar refinery plant in Nasugbu, Batangas, in favor of Infinity Multi Agri Development Corp.
The assets, described by the company as constituting "all or substantially all of CADPI's assets," will be sold for P600 million, with full payment due by December 2026.
"The proceeds of the sale will be used to partially settle existing obligations of the ROX group to creditor-banks, after payment of relevant transaction costs," the company said.
The disposal follows the closure of CADPI's operations on 29 March 2024, leaving the refinery assets idle.
The assets are currently mortgaged to creditor banks, making the transaction subject to obtaining lenders' consent or non-objection.
Under the agreement, Infinity will pay P200 million on 10 August 2026, followed by four installments of P100 million each on 10 September, 10 October, 10 November, and 10 December.
RHI said the consideration was based on the "market value of the assets."
The transaction was approved by the board on 25 November 2025. The company said Infinity Multi Agri Development Corporation has no material relationship with RHI, its directors, officers, or affiliates.
