RCI welcomes new investor after P500-M deal

MANILA, Philippines — The Montinola family has gained a foothold in Roxas and Company Inc. (RCI) having acquired 9 percent of the latter’s shares for P500 million, and injecting fresh capital into the listed firm.

In a stock exchange filing on Tuesday, the real estate and sugar firm said developer Stonebridge Corp., chaired by Gizela “Ging” Gonzalez-Montinola, bought 250 million RCI shares at P2 apiece.

This makes the Montinola company the third-largest shareholder in RCI, after the Roxas-Elizalde families and businessman Leandro Leviste.

READ: Leviste gains foothold in RCI

The acquisition by Stonebridge was part of RCI’s treasury share sale on Monday when it sold 767.51 million shares to raise capital.

The treasury shares were sold at a 45.5-percent discount, based on RCI’s share price of P3.75 each on Tuesday. The closing price represented a decline of 2.13 percent.

Series of acquisitions

Gizela is married to Aurelio Montinola, an independent director of RCI and a member of the company’s executive committee.

Founded in 2011, Stonebridge is the developer of the Sonria condominium, which is located within the Madrigal Business Park in Muntinlupa City.

Stonebridge’s investment is the second in a series of acquisitions meant to help raise capital for RCI.

Leviste, founder of SP New Energy Corp., last March acquired 7.55 percent of RCI’s shares for more than P400 million. The transaction involved 188.89 million shares.

The company used to operate the Central Azucarera Don Pedro sugar mill in Batangas, which was shuttered earlier this year, displacing over 13,000 farmers and mill workers. —Meg J. Adonis INQ