by Alena Mae S. Flores, 28 April 2015
from Manila Standard Today
Roxas Pacific Bioenergy Corp., a unit of listed Roxas Holdings Inc., has raised its ownership in San Carlos Bioenergy Inc. to 93.68 percent with the purchase of the 64.02-percent stake of Menarco Clean Energy Inc. of the Jimenez family for P1.0083 billion.
“The acquisition of SCBI makes RHI the country’s biggest ethanol producer,” Roxas Holdings chairman Pedro Roxas said in a statement.
San Carlos Bioenergy is a bioethanol company operating in San Carlos City, Negros Occidental.
This is the third acquisition of Roxas Pacific in a span of seven weeks, beginning with 26.7 percent from the Zabaletas for P420 million on March 18, followed by the purchase of 2.96 percent from the Valmayors for P46.721 million on April 16.
State-owned National Development Co. remains a minority shareholder with a 6.32-percent share.
Roxas Holdings vice chairman Manuel Pangilinan said the increased stake in San Carlos would create synergies in the group’s bioethanol plants and lead to higher efficiencies.
“We hope to achieve greater economies of scale in our operations that will benefit the industry,” Pangilinan said.
Roxas Holdings president and chief executive Renato Valencia said the acquisition was in line with the diversification initiatives of the group from purely sugar operations into bioethanol and cogeneration, or renewable energy business.
Roxol Bioenergy Corp., the ethanol unit of RHI, was the top bioethanol producer in the Philippines in 2014 with 32.2 million liters, followed by San Carlos Bioenergy with about 26.7 million liters.
San Carlos Bioenergy is a registered company with the Philippine Economic Zone Authority. It was incorporated in May 2005 to construct, own and operate an integrated fuel bioethanol distillery and power co-generation facility, making it the first in the Philippines and Southeast Asia.