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Richmond Mercurio - The Philippine Star
June 11, 2026 | 12:00am
RHI said the purchase price would be paid by Infinity, subject to and in accordance with the terms of payment set out in the deed of absolute sale.
Philstar.com / Jovannie Lambayan
MANILA, Philippines — A subsidiary of listed Roxas Holdings Inc. (RHI) has unloaded idle refinery assets in Batangas for P600 million.
The assets were sold by RHI’s wholly owned subsidiary, Central Azucarera Don Pedro Inc. (CADPI), to Infinity Multi Agri Development Corp.
It includes idle machinery and equipment previously used in the operations of the CADPI sugar refinery plant located in Brgy. Lumbangan in Nasugbu, Batangas.
RHI said the purchase price would be paid by Infinity, subject to and in accordance with the terms of payment set out in the deed of absolute sale.
Full payment is scheduled for December 2026.
The closure of CADPI operations and termination of its employees, effective March 29, 2024, was approved by the RHI’s board on Feb. 28, 2024.
CADPI’s closure of its operations and separation of its employees was made to mitigate the incurrence of manpower costs and other fixed costs, with RHI then saying that the resumption of normal operation of the sugar refinery business of the company has been affected by the increased importation of refined sugar by the national government in recent years.
