RC Cola to list via backdoor

A group led by Zest-O founder Alfredo Yao is keen on undertaking a backdoor listing for RC Cola licensee Asiawide Refreshments Corp. (ACR) on the local stock exchange early next year, using the recently purchased shell company of Maybank ATR Kim Eng Financial Corp. (MAKE).

In a chance interview with the Inquirer, Yao said the group would offer to the public its RC Cola business ahead of flagship Zest-O Corp.

But Yao said the infusion of businesses would have to wait until the first quarter of next year. He said this would allow the company to have the full-year financial results of its beverage unit.

A group led by Yao earlier agreed to buy the 89.75 percent stake in MAKE held by Malaysian banking giant Maybank. The group was only buying the shell company through Mazy’s Capital Inc., while the investment house operations of Maybank ATR Kim Eng would continue to operate as a private company.

Yao confirmed market suspicions that the shell company would be used for the backdoor listing of the local unit of American soft drink RC Cola. He had earlier indicated plans to bring this beverage business public to fund a regional expansion program.

ACR, which holds an exclusive license from RC Cola USA to manufacture and distribute RC Cola in the Philippines, is 80 percent controlled by Yao. Other business partners are entrepreneurs Tony Panajon, Gerry Garcia, Butch Aves and Ricky Sandoval.

This company likewise holds the license to manufacture and distribute RC Cola across Southeast Asia. It was earlier reported that Yao’s group was planning to put up new RC Cola plants in Myanmar, Thailand and Vietnam.

Yao has been expecting RC Cola to go public ahead of flagship beverage business Zest-O. Apart from beverage units RC Cola and Zest-O, Yao has interests in aviation through a partnership with Air Asia as well as in banking. His banking arm, Philippine Business Bank, went public in February of this year.