Stonebridge Corp. buys 9% stake in Roxas & Company

  • 📰 MlaStandard
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 55%

United States News News

United States United States Latest News,United States United States Headlines

Defining the News

Stonebridge Corp., a company chaired by the wife of Far Eastern University chairman emeritus Aurelio Montinola III, acquired a 9-percent stake in Roxas and Company Inc. , one of the top-performing stocks in the market.

The acquisition price is a steep 38.2-percent discount to RCI’s closing price on Friday of P3.24. Shares of RLI recently hit a 52-week high of P4. RCI said it secured ownership rights over a huge track of land in Batangas in February, after it ended a four-decade long land dispute with agrarian reform beneficiaries over its three haciendas – Palico, Banilad and Calaway.

The board of RCI approved the continuous sale of treasury shares in 2014 as a fund-raising initiative for working-capital and expansion projects.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 20. in US

United States United States Latest News, United States United States Headlines