MANILA, Philippines - Listed Macay Holdings Inc., led by former ambassador Alfredo Yao, is infusing more than P2 billion into subsidiary ARC Refreshment Corp., the sole Philippine bottler and distributor of RC Cola.
In a disclosure, the company said its board approved the plan to secure P2.08 billion worth of shares in ARC Refreshments.
Proceeds from the transaction will “finance the acquisition of machinery, equipment, and other assets to be used in ARC Refreshments’ bottling operations,” Macay Holdings said.
Last week, ARC Refreshments announced its plan to acquire two plants of Zest-O Corp., also owned by Yao.
ARC is a Filipino-owned company engaged in the beverage business. It has the exclusive license to manufacture and distribute RC Cola, Fruit Soda Orange, Juicy Lemon and Arcy’s Rootbeer.
In December, the board of Macay Holdings approved the acquisition plans of newly-created subsidiary ARC Refreshment.
The board 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.”
In September, Mazy’s Capital Inc. bought Maybank Kim Eng Holdings Ltd.’s (MKEHL) entire 89.75-percent stake in Maybank ATR Kim Eng Financial Corp. for P3.19 billion. Mazy’s Capital purchased 958.923 million MAKE shares at P3.3298 apiece.
Unlisted holding firm Mazy’s Capital is owned by Zest-O Corp. (57 percent) and Mega Asia (43 percent).
MAKE was previously a shell company following MKEHL’s move to consolidate all its assets into Maybank ATR Kim Eng Capital Partners Inc. (MATRKECP). All assets of Maybank ATR, which include shareholdings in AsianLife and General Assurance Corp. and ATR Kim Eng Land Inc., were transferred to MATRKECP.