Publicly listed Roxas and Company Inc. (RCI) is set to generate P282 million from the sale of two real estate assets in Batangas – a move designed to reduce the company’s overall debt.
“As part of its continuing objective of improving its net income for the year and reducing the group’s overall debt, RCI recently sold and entered into firm agreements to sell key real estate assets in Batangas for a total consideration of approximately P282 million,” RCI said in a regulatory filing.
The company said that it entered into an agreement to sell a 6.67-hectare beachfront Natipuan property in Nasugbu, Batangas to Sta. Lucia Land Inc.
The company also sold a 12.9-hectare eco-tourism property along the Tagaytay-Nasugbu Highway.
In the same disclosure, RCI said its wholly-owned subsidiary, Roxaco Land Corporation, also sold a 2.8-hectare commercial property within the Nasugbu town property to the SM Group for a total consideration of P98 million.