Roxas and Company, Inc. said on Friday that its unit Roxaco Land Corp. sold two portions of its properties in Nasugbu, Batangas to real estate developer Sta. Lucia Realty and Development, Inc.
The sale was meant to pay Roxaco’s debts and to fund the company’s working capital, the company disclosed to the stock exchange on Friday.
The sold assets are a 202,535-square-meter portion of Roxaco’s property in Brgy. Lumbangan, Nasugbu, Batangas, and a 171,876-square-meter portion of its land in Brgy. Bilaran also in Nasugbu.
The sale took place on Feb. 24, 2021.
“Sta. Lucia’s planned residential and commercial developments for the properties are expected to substantially increase the fair market value of the land bank owned by Roxaco and Roxas and Company in the adjacent areas as well as, enhance the attractiveness of Nasugbu, Batangas as a destination for other major developers and locators,” the listed company said.
Sta. Lucia Realty did not immediately respond to a query regarding its plans for the properties.
On Friday, Roxas and Company shares at the stock exchange rose 1.79% to finish at P1.14 apiece. — K. C. G. Valmonte
