Hong Kong-based First Pacific seizes foothold in Philippine agriculture

Buys a third ownership in major sugar producer.

Investment management and holding company First Pacific Company Ltd has bought a 31% stake in Roxas Holdings Inc (RHI) that owns and operates one of the largest sugar milling and refining operations in the Philippines.

First Pacific Natural Resources Holdings BV will acquire the stake in RHI for US$51.2 million after key shareholder, Roxas & Company, cleared the sale of 279.25 million shares at P8.00 (US$0.184) per share. Roxas & Company will retain control of RHI with its 35% stake but will share management with First Pacific.

RHI said, however, that First Pacific could end up owning 34% of the company with the purchase of additional shares from other investors.

RCI and RHI executive chairman Pedro Roxas said the First Pacific buy-in ends the sugar group’s long search for a strategic partner and will accelerate RHI’s plan to be the dominant sugar company in the Philippines.