RC Cola maker to list via backdoor
MANILA, Philippines - The exclusive manufacturer and distributor of RC Cola in the Philippines will soon complete its listing in the local bourse via the backdoor route.
In a disclosure, listing vehicle Maybank ATR Kim Eng Financial Corp. (MAKE) said it has secured the corporate regulators’ approval to amend its articles of incorporation.
MAKE, which will be renamed Macay Holdings Inc., also said it will spend nearly P1.5 billion to acquire the assets of the RC Cola manufacturer.
The Securities and Exchange Commission has approved the transformation of MAKE from a dormant company into a holding firm.
“The amendments of the articles of incorporation is part of the restructuring undertaken by the company in line with the contemplated entry to a new line of business,” MAKE said.
In December, MAKE’s board approved the acquisition plans of newly-created subsidiary ARC Refreshment Corp.
The board 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.”
It will also absorb the operating assets of Asiawide Refreshments Corp. including but not limited to machinery and equipment, bottles, inventories, receivables and other assets.
MAKE said it will spend P580.86 million to acquire Mega Bottling and another P911.74 million to buy Asiawide Refreshments.
“Payment to the sellers will be made in cash as soon as practicable and no later than 10 business days from the date of execution of the agreements,” MAKE said.
Asiawide Refreshments is exclusive manufacturer and distributor of RC Cola in the Philippines while Mega Asia is the authorized bottler.
The Zest-O Group earlier expressed its intent to list Asiawide Refreshments, which plans to tap other markets in Southeast Asia.
In September, Mazy’s Capital Inc. bought Maybank Kim Eng Holdings Ltd.’s (MKEHL) entire 89.75-percent stake in MAKE 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. of businessman Alfredo Yao (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.