MANILA, Philippines - The investor group led by businessman and former ambassador Alfredo Yao has taken a major step in listing the local manufacturer of RC Cola.
Listing vehicle Maybank ATR Kim Eng Financial Corp. is absorbing two companies behind RC Cola, the firm said in a regulatory filing.
Following a special meeting, the board of directors of Maybank ATR’s subsidiary ARC Refreshment Corp. approved several acquisition programs.
The board of directors of ARC Refreshments approved the plan to acquire “all the operating assets of Mega Asia Bottling Corp. consisting of Mega Asia and such other assets deemed necessary for bottling operations.â€
It will also acquire the operating assets of Asiawide Refreshments Corp. including but not limited to machinery and equipment, bottles, inventories, receivables and other assets.
Some liabilities of Asiawide that were incurred in the normal course of business like accounts and loans payable will also be assumed by the subsidiary of Maybank ATR.
Yao’s Zest-O Group earlier expressed its intent to list Asiawide, the exclusive manufacturer and distributor of RC Cola in the Philippines. The listing will support Asiawide’s plan to tap other markets in Southeast Asia, one of the emerging regions in the global economic scene.
Late last month, Maybank ATR created ARC Refreshments, which has an authorized capital stock of P1 billion.
In September, Yao-led Mazy’s Capital Inc. bought the Maybank Kim Eng Holdings Ltd.’s (MKEHL) entire 89.75-percent stake in Maybank ATR for P3.19 billion. Mazy’s Capital purchased 958.923 million Maybank ATR shares at P3.3298 apiece.
It then conducted a mandatory tender offer on Nov. 19 to Dec. 16 to buy minority stockholders’ 109.46 million common shares or 10.25 percent of Maybank ATR for P364.53 million.