Roxas Holdings, Inc. said its unit Central Azucarera Don Pedro, Inc. has sold idle machinery and equipment from its former Batangas sugar refinery operations for P600 million. The sale was completed through a deed of absolute sale signed on June 9 between Central Azucarera Don Pedro and Infinity Multi Agri Development Corp., according to a disclosure by Roxas Holdings as reported by BusinessWorld.
The transaction reflects the company’s ongoing efforts to monetize non-core assets. The equipment was part of the Batangas sugar refinery that has been idle. Proceeds from the sale are expected to be used for debt reduction and other corporate purposes.
The sale marks a significant step in the restructuring of Roxas Holdings, which has been focusing on its core sugar and renewable energy businesses. Infinity Multi Agri Development Corp. is expected to repurpose the equipment for its own operations.