Philippines’ CADP acquires Hawaiian Philippine sugar venture; raises $140 million for ethanol, sugar expansion

In the Philippines, Central Azucarera Don Pedro chairman Pedro Roxas said that the company has acquired a 45 percent stake in Hawaiian Philippine, a sugar company based in Negros Occidental. The company had previously announced more than $140 million in bank financing for expansion of ethanol operations at its sugarcane mills.

CADP produces 20 percent of Philippine sugar. $25 million will finance ethanol plant construction, with the remaining capital earmarked for sugar mill equipment related to the expansion.

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