Roxas grp sells over 1,200 has. for agrarian reform
MANILA, Philippines - Publicly-listed holding firm Roxas and Company Inc. (RCI) disclosed that its board authorized its president to sell as much as 1,212.57 hectares of land to the Department of Agrarian Reform (DAR).
In an interview with Rappler on Tuesday, November 20, RCI Compliance Office Alezandro Casabar said this was the main focus of the special board meeting on Monday, November 19. The move was in compliance with the government's plan to conclude the Comprehensive Agrarian Reform Program (CARP).
The voluntary offer to sell (VOS) will cover 451.0159 hectares in Hacienda Palico; some 346.0730 to 562.7206 hectares in Hacienda Banilad; and another 198.6373 hectares in Hacienda Caylaway.
"This is preparation for the CARP. Under the law we are mandated to comply," Casabar said. "But, offcially these lands are not yet formally offered. The board just authorized the President to explore this option."
In 2008, the Roxas Group, of which RCI, Roxas Holdings, Inc. (RHI), and CADP Group Corporation (CADPGC) were engaged in a corporate reorganization. This was undertaken to create a corporate structure that ultimately separates the sugar and the real estate businesses of the Roxas Group.
Through the merger of RCI and CADPGC, the Roxas firm has interests in real estate through Roxaco Land Corporation, and sugar-manufacturing via RHI's subsidiaries Central Azucarera Don Pedro, Inc. and Central Azucarera de la Carlota, Inc.
RCI also has a 45% equity investment in Hawaiian Philippine Company, a sugar mill in Silay, Negros Occidental. - Rappler.com