Roxas and Co. resumes sale of treasury shares to fund expansion

The holding company of the Roxas Group has raised nearly half a million pesos from the recent sale of treasury shares to fund its working-capital and expansion projects.

The company raised P457,850 from the sale of one million treasury shares on Oct. 25.

The shares were sold at a price ranging from P0.455 to P0.47 each.

“The company is programming this year to meet its business plan commitments by raising funds through the sale of treasury shares,” RCI said.

The company started selling its treasury shares on February 15, 2018.

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

RCI was authorized to sell a total of 933.703 million treasury shares.

To date, it has so far sold 204.332 million shares since the start of this initiative.

RCI’s main holdings are raw real estate located in Nasugbu, Batangas, sugar-related assets and businesses held through Roxas Holdings, Inc. and real estate development through its property arm, Roxaco Land Corp.

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.