Solar energy trailblazer Leandro Leviste, through Countryside Investment Holdings Corp. (CIHC), is poised to acquire a controlling 71.6% stake in Roxas Holdings Inc. (RHI) from Hong Kong’s First Pacific Co. Ltd. The move is aimed at rescuing the debt-ridden sugar and ethanol producer from bankruptcy.
Leviste and business magnate Manny V. Pangilinan joined forces in December 2023 when Meralco unit MGen Renewable Energy Inc. took control of SP New Energy Corp. (SPNEC) in a P15.9 billion deal. The agreement with First Pacific CEO Pangilinan comes at a crucial time as RHI is grappling with P4.4 billion in debt.
RHI’s financial challenges include substantial debts to major banks such as Bank of the Philippine Islands, BDO Unibank, and Land Bank of the Philippines, along with P1.4 billion in trade payables. The company also recorded a net loss of P1.1 billion for the fiscal year ending September 2023 due to a decline in sugar sales.
The closure of the 97-year-old Central Azucarera Don Pedro Inc. (CADPI) sugar mill in Nasugbu, Batangas on Feb. 28, 2024, led to the termination of all employees by March 29, 2024, resulting in the loss of livelihood for over 13,000 farmers and sugar mill workers.
RHI’s key assets include 236 hectares of land in Nasugbu, full ownership of CADPI, and a 98% stake in San Carlos Bioenergy Inc. Leviste’s CIHC announced in March 2024 a plan to invest P5 billion to drive the development of rural Batangas, focusing on energy, industrial, and commercial projects that promise significant benefits for the local economy.
CIHC also pledged investments that support sustainable development and shared prosperity for Batangas communities.
