MANILA, March 18 (PNA) — Roxas Holdings Inc.’s subsidiary Roxas Pacific Bioenergy Corporation (RPBC) has signed an agreement to acquire 26.70 percent of San Carlos Bioenergy Inc (SCBI).
”Please be informed that Roxas Pacific Bioenergy Corporation (RPBC), a subsidiary of Roxas Holdings, Inc. (RHI), executed today a Sale and Purchase Agreement with Bronzeoak Philippines, Inc. for the acquisition of the latter’s 26.70 percent shareholdings in San Carlos Bioenergy, Inc. (SCBI),” Roxas said in a disclosure with the Philippine Stock Exchange (PSE) Wednesday.
It disclosed acquiring 26.70 percent of SCBI for Php420.5 million.
SCBI owns and operates an integrated fuel bioenthanol distillery and power co-generation facility in San Carlos City, Negros Occidental.
Located in San Carlos Agro-Industrial Economic Zone, the facility processes a maximum of 1,500 tons of sugarcane to produce 125,000 liters of bioethanol and supplies about 2.4 Megawatts (MWs) to the Visayas power grid.
It supplies bioethanol to Petron Corporation and provides electricity to VMC Rural Electric Cooperative (VRESCO), Inc.
SCBI also supplies three local plantations for their sugarcane requirements.
Meanwhile, Roxol Bioenergy Corporation said in another disclosure Wednesday that the Department of Environment and Natural Resources (DENR) has temporary lifted the Cease and Desist Order (CDO) against Roxol Bioenergy Corporation for violating the Philippine Clean Water Act of 2004.
It was reported to cause fish kills last year, which was backed by a complaint from fishermen.
The bioethanol power plant was reported to go on voluntary shutdown on January 4. (PNA)