Roxas Holdings eyes stock sale, hires financial adviser

Listed sugar producer Roxas Holdings, Inc. is looking at selling more shares either to the public or to big investors, and has hired a financial adviser for the purpose. The company told the Philippine Stock Exchange on Monday it had hired Mabuhay Capital Corp. to help in the valuation and positioning of the firm and its units for the follow-on offering. Mabuhay Capital will also help select underwriters and formulate the terms of the issue if the stock sale will be done through the stock market. The financial adviser will also review Roxas Holdings' operational and financial plan and help the company negotiate with potential investors. Last year, the listed sugar producer received regulatory approval to guarantee the debts of units Central Azucarera Don Pedro, Inc. (CADPI) and Central Azucarera dela Carlota, Inc. (CACI) and add two more board seats as part of its reorganization. In 2008, Roxas Holdings borrowed P4.69 billion from Banco de Oro Unibank, with CADPI and CACI as co-signatories to boost sugar production and build an ethanol plant. The hike in the number of directors from seven to nine was made to enhance the diversity of knowledge and experience of the board, Roxas Holdings earlier said. Roxas Holdings is the second biggest refiner of sugar in the Philippines, having produced 19% of the country's raw sugar and 18% of refined sugar production in 2008. — NPA, GMANews.TV