MANILA - The sale of Roxas group's assets was able to pay off half of its debt in a move to derisk its business, it said on Thursday.
"The sale of these assets to significantly reduce our debt is part of our efforts to de-risk the business and focus on expanding our sugar refinery operations in Nasugbu, Batangas,” Roxas RHI Chairman Pedro Roxas said. Challenges such as plant shutdown, rise in costs, slim margins, and the hampered operations on Taal Volcano eruption in January all contributed to the company's losses, said Celso Dimarucut, RHI executive vice president and chief financial officer.
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