ROXAS Holdings, Inc. (RHI) has secured approval from the Philippine Stock Exchange (PSE) for a voluntary trading suspension starting Monday morning until May 31 following the planned takeover of Solar Philippines Power Project Holdings, Inc. Founder Leandro Antonio L. Leviste.
The voluntary trading suspension aims to avoid “speculative trading” when the investment agreement and other definitive agreements are indicated to be executed and completed as per the term sheet, RHI said in a stock exchange disclosure on Monday.
“Rest assured that the company will apprise the PSE of further developments on this matter as they arise,” RHI added.
On May 16, RHI, First Pacific Natural Resources Holdings BV, First Agri Holdings Corp., and Leviste-led Countryside Investments Holdings Corp. signed a nonbinding term sheet.
The signed term sheet covers a plan to invest P5 billion for an initial 71.6% stake in RHI.
First Pacific Natural Resources Holdings BV, First Agri Holdings Corp. are wholly owned subsidiaries of Pangilinan-led First Pacific Co. Ltd., and collectively own 62.89% of RHI.
The term sheet sets indicative key terms and conditions for the proposed subscription by Countryside Investments to RHI primary shares in tranches.
RHI said that the term sheet is indicative only and does not create any legally binding obligations for any of the parties.
The term sheet is subject to the execution and delivery of definitive documentation and fulfillment or satisfaction of various closing conditions.
“Once the binding definitive documentation is executed, RHI will make the proper disclosure of material information relating to the proposed investment of Countryside Investments in RHI,” the company said.
RHI is a unit of Roxas and Co., Inc., which has business interests in real estate through Roxaco Land Corp. and sugar milling through a minority interest in RHI.
Hong Kong-based First Pacific Co. Ltd. has three key Philippine units consisting of Metro Pacific Investments Corp., Philex Mining Corp., and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
