3:08 pm | Friday, June 27th, 2014
FILE PHOTO
MANILA, Philippines—Macay Holdings Inc., an investment holding firm led by businessman Alfredo Yao, is infusing P2.09 billion in fresh equity into ARC Refreshments to finance the acquisition of machinery, equipment and other assets to be used in its bottling operations.
In a disclosure to the Philippine Stock Exchange on Friday, Macay said its board had approved the payment of unpaid subscribed shares in ARC Refreshments amounting to P187.5 million as well as additional subscription to the latter’s shares worth a total of P1.9 billion.
The unpaid subscription consists of about 187.5 million shares to be paid for at P1 per share while the additional subscription comprises 190 million shares to be paid at P10 per share.
Macay earlier announced it was beefing up ARC Refreshments’ bottling operations by taking over two non-core bottling plants of Zest-O Corp., which is also owned by the Yao-led group. The deal includes bottling plants in Kaybiga, Novaliches, and Canlubang, Laguna.
Macay Holdings was formerly the shell company for Maybank ATR Kim Eng Financial Corp. (MAKE). In late 2013, MAKE incorporated ARC Refreshments Corp. to engage in the business of trading goods such as beverages on wholesale basis.
ARC in turn acquired substantially all the operating units of Asiawide Refreshment Corp. and Mega Asia Bottling Corp. Asiawide holds an exclusive license from RC Cola USA to manufacture and distribute RC Cola in the Philippines while Mega Asia operates the RC Cola bottling and manufacturing operations in the Philippines. It is based in Caloocan but it also has operations in other areas like Pampanga and Davao.
This group also holds the license to manufacture and distribute RC Cola across Southeast Asia. Yao’s group earlier indicated plans to put up new RC Cola plants in Myanmar, Thailand and Vietnam.
Yao has been expecting his RC Cola business to become a public company ahead of flagship beverage business Zest-O. After its backdoor-listing through Macay, the group has yet to announce plans for a follow-on offering.
The businessman also has interests in aviation through a partnership with Air Asia and in banking, Philippine Business Bank, which went public in February of last year.
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