Roxas looks to raise $25.6 million from existing investors to fund ethanol

In the Philippines, Roxas is looking to raise $25.6 million in a stock rights offering of 265.97 million common shares to existing shareholders in order to expand its ethanol business, primarily for capital needs of its new acquisition San Carlos Bioenergy. Existing investors First Pacific Natural Resources Holdings, BV and First Agri Holdings Corp have said they will seek shares not only of those they have the rights to due to existing investments but also any unclaimed rights as well.