C01173-2024

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Mar 1, 2024
2. SEC Identification Number
15-A
3. BIR Tax Identification No.
000-290-538
4. Exact name of issuer as specified in its charter
Roxas Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Unit 10-B Six/Neo Building, 5th Avenue corner 26th Street Bonifacio Global City, Taguig City, Metro Manila Postal Code 1634
8. Issuer's telephone number, including area code
0998 591 4710
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Stock 1,547,935,799
11. Indicate the item numbers reported herein
Item 9. Other Events

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Roxas Holdings, Inc.ROX

PSE Disclosure Form 4-32 - Reply to Exchange's Query

Subject of the Disclosure

Additional information on the closure of Central Azucarera Don Pedro Inc. (a wholly-owned subsidiary of Roxas Holdings, Inc.)
Description of the Disclosure

Additional information on the closure of Central Azucarera Don Pedro Inc. (a wholly-owned subsidiary of Roxas Holdings, Inc.)
Information Requested

The closure of Central Azucarera Don Pedro, Inc. (“CADPI”) operations and termination of its employees effective March 29, 2024 was approved by the Board of Directors of Roxas Holdings, Inc. (“RHI”) on February 28, 2024. The notice of separation of employees was sent to the employees on February 28, 2024.

As reported in prior years, the RHI Group (“Group”) has incurred a net loss of P797.0 million and P938.9 million during the years ended September 30, 2022 and 2021, respectively, and the Group has deficit amounting to P3,916.1 million as of September 30, 2022. CADPI’s closure of its operations and separation of its employees will essentially mitigate incurrence of manpower costs and other fixed costs.

CADPI’s closure will prevent further dissipation of resources as opportunities to resume normal operation of the sugar refinery business of CADPI has been affected and/or limited by the increased importation of refined sugar by the national government in the past years. Furthermore, based on discussions between CADPI and the Sugar Regulatory Authority (“SRA”), CADPI was informed that the current inventory of refined sugar in the market must first be depleted before CADPI can offer refined sugar to the public. The depletion of the current inventory is projected to take around eight (8) to twelve (12) months, which is a significantly long period of non-generation of income by CADPI from its sugar refinery operations. As to other indirect productive activities of the Group, minimal turnover is not expected to support the Group’s recurring costs. Thus, maintaining CADPI’s sugar refinery business proves to be extremely difficult and no longer viable.

The Group is coordinating the divestment of certain assets, including idle assets, principally to pay its obligations. These activities are currently ongoing. At this time, no definitive agreement has been made with prospective buyers of said assets.
Filed on behalf by:
Name Cynthia De La Paz
Designation Corporate Secretary