Yao group buying Maybank ATR Kim Eng

MANILA—The group of businessman Alfredo Yao is taking over publicly listed investment house Maybank ATR Kim Eng Financial Corp. with a deal to buy out the 89.75 percent stake held by Malaysian banking giant Maybank for P3.19 billion.

In a disclosure to the Philippine Stock Exchange on Wednesday, Maybank ATR Kim Eng said its controlling stockholder Maybank Kim Eng Holdings Ltd. had agreed to sell 958.92 million of its shares in Maybank ATR Kim Eng at P3.3298 per share.

The buyer is Mazy’s Capital Inc. which, industry sources said, is owned by companies controlled by the family of Yao, founder of beverage-maker Zest-O Corp. and the principal stockholder of Zest Air, which is now controlled by Malaysian magnate Anthony Fernandes’ Air Asia.

But all the assets of the local investment house will be consolidated into Maybank ATR Capital Partners Inc., which will likewise assume all of the liabilities of the company. The assets to be transferred include the listed company’s stake in subsidiaries AsianLife and General Assurance Corp. and ATR Kim Eng Land Inc.

With this development, the shell company will be available for the infusion of Yao’s businesses.