Roxas unit sells idle Batangas refinery equipment for P600M

ROXAS HOLDINGS, Inc. said its unit Central Azucarera Don Pedro, Inc. has sold idle machinery and equipment from its former Batangas sugar refinery operations for P600 million.

The sale was completed through a deed of absolute sale signed on June 9 between Central Azucarera Don Pedro and Infinity Multi Agri Development Corp., Roxas Holdings said in a stock exchange filing on Wednesday.

“The purchase price shall be paid by Infinity subject to and in accordance with the terms of payment provided in the deed of absolute sale,” the company said.

The buyer is expected to complete payment by December under a payment schedule set in the agreement.

The assets include machinery and equipment from Central Azucarera Don Pedro’s former sugar refinery in Barangay Lumbangan in Nasugbu, Batangas. The equipment had remained idle before the sale.

In 2024, Central Azucarera Don Pedro permanently stopped operations after suffering heavy losses and shut down its Batangas refinery.

The company also terminated employees and wound down operations effective March 29, 2024, in compliance with labor regulations.

The closure ended the group’s sugar milling and refining operations, with the refinery assets later marked for divestment as the company moved to reduce losses.

Roxas Holdings, Inc. operates sugar mill and refinery businesses through units including Central Azucarera Don Pedro, CADP Insurance Agency, CADP Port Services, RHI Pacific Commercial Corp. and Northeastern Port Storage Corp. — Alexandria Grace C. Magno