Roxas and Co. Inc., a listed investment holding company, said Monday it raised around P599 million from the sale of treasury shares to fund working capital and expansion projects.
The total 299.5 million shares, sold at P2 each, represent a 10.6 percent stake in Roxas and Co., whose business include real estate development, renewable energy and agribusiness.
The company hasn’t disclosed the identify of the buyer or buyers of the shares, which suggest none of the buyers would end up with a minimum 5 percent stake. The identity of the buyer of at least a 5 percent stake in a listed company must be disclosed.
Since 2014, the investment holding company of the Roxas Group, has been disposing treasury shares from time to time as funds are needed to finance projects and for working capital. Of the 933.7 million treasury shares when the decision was made, only 110.5 million shares are still held in treasury.
