Roxas Holdings unit buys stake in ethanol firm

ABS-CBN News

Posted at Mar 18 2015 02:34 PM | Updated as of Mar 18 2015 10:40 PM

MANILA – Roxas Holdings Inc. (RHI), through its subsidiary Roxas Pacific Bioenergy Corporation (RPBC), acquired 26.7 percent of San Carlos Bioenergy Inc. (SCBI), the country's second largest ethanol company.

RPBC acquired the shares from the Zabaleta Group for P420 million.

RHI president and chief executive Renato Valencia said the acquisition “will allow synergies and optimization of production capacities to achieve higher efficiencies."

In 2014, SCBI produced almost 29 million liters of bioethanol, second to RHI's Roxol Bioenergy Corporation (RBC) with 35.6 million liters.

Both SCBI and RBC are located in Negros Occidental where 60 percent of the country's sugar is produced. Bioethanol is produced using molasses and or sugar juice.