Listed holding company Roxas and Co. Inc. (RCI) is exploring various possibilities for its newly acquired farmlands in Batangas, according to a regulatory filing.
In response to the Philippine Stock Exchange’s request for clarification of Bilyonaryo.com’s report, RCI said it is formulating a comprehensive plan to optimize the value of its extensive properties.
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RCI said potential uses could encompass residential areas, commercial establishments, industrial zones, and tourism ventures.
Shares of RCI continued their upward trajectory Wednesday, rising 18.2% or 16 centavos to P1.04 amid speculation the company might convert the farmlands obtained from the Department of Agrarian Reform (DAR) into solar farms, mostly likely in partnership with Metro Pacific Investments Corp. (MPIC) of bilyonaryo Manny V. Pangilinan.
MPIC is the controlling shareholder of SP New Energy Corp., which is building a 500-megawatt solar plant over vast lands consolidated by its founder, techpreneur Leandro Leviste.
The company assured that detailed information regarding the chosen strategy and execution plan would be provided once they are finalized.
Last month, DAR confirmed RCI’s ownership rights to 1,619.23 hectares, with the company additionally compensating agrarian reform beneficiaries (ARBs) with 1,322 hectares. This follows the resolution of a longstanding land dispute between RCI and ARBs over three haciendas in Batangas: Palico, Banilad, and Calaway.
