Roxas Holdings Inc. , which is subject to possible takeover by businessman Leandro Leviste, on Monday sought a nine-day trading suspension of its shares to prevent market speculation.
Leviste, through Countryside Investments Holdings Corp. , signed a non-binding agreement to acquire a controlling stake in RHI. The company would like to apply for a voluntary suspension of the trading of its securities to avoid speculative trading, starting May 20 until May 31, 2024, when the investment agreement and other definitive agreements are indicated to be executed and completed as per the term sheet,” RHI said in a disclosure to the stock exchange.
“Rest assured that the company will apprise the PSE of further developments on this matter as they arise,” RHI said. RHI confirmed reports that a non-binding agreement was signed between CHCI and First Pacific Natural Resources Holdings, BV First Agri Holdings Corp. which are wholly-owned subsidiaries of Hong Kong’s First Pacific Co. Ltd.CHCI’s investment in RHI, which is expected to reach P5 billion, is seen to help RHI service debt to avoid bankruptcy, increase tax revenues of the municipality of Nasugbu and create more and better jobs for the benefit of local farmers and former sugar industry workers.