Yao consolidates beverage businesses under Maybank ATR
MANILA, Philippines – Businessman Alfredo Yao is set to consolidate his beverage businesses, including RC Cola, under Maybank ATR Kim Eng Financial Corporation
In a disclosure to the Philippine Stock Exchange (PSE), Maybank ATR said its unit ARC Refreshments Corporation will acquire the operating assets of Asiawide Refreshments Corporation, the licensed bottler of RC Cola in the Philippines, and manufacturer of Zest-O Fruit Soda and Arcy's Rootbeer.
PSE suspended the trading of Maybank ATR shares starting on Thursday, January 2, pending compliance with disclosure requirements.
Yao's acquisition of Maybank ATR was first announced in September 2013 and finalized the following month. (READ: Zest-O's Yao group buys Maybank ATR Kim Eng)
Maybank ATR incorporated ARC Refreshments in December with an authorized capital stock of P1 billion, at least 25% of which has been bought by Maybank ATR and the Yao group. Stockholders of Maybank ATR have agreed via written consent to change its corporate name to Macay Holdings Inc. – Rappler.com