Roxas Holdings Inc. on Monday sought the approval of the Philippine Stock Exchange to suspend trading on its shares following comments from businessman Leandro Leviste on an agreement to acquire around 71 percent of the listed company.
RHI applied for trading suspension until the start of stock market trading on May 31 to avoid wild swings in the price of the listed company as the market speculates on the acquisition planned by Leviste’s Countryside Investment Holdings Corp. and the details of P5 billion development plan.
“Kindly be advised that the non-binding Term Sheet on which the article is based contemplates the execution of the relevant definitive documentation, including a binding Investment Agreement, on or before May 31, 2024. Once the binding definitive documentation is executed, RHI will make the proper disclosure of material information relating to the proposed investment of Countryside Investments Holdings Corp. in RHI,” the company told the stock exchange.
RHI said comments the Leviste investment plan “is a done deal” is far from the truth given the investment bars that are needed to be hurdled.
