Yao firm pours P2B in ARC Refreshments

Macay Holdings Inc., an investment holding firm led by businessman Alfredo Yao, is infusing P2.09 billion in fresh equity in ARC Refreshments to finance the purchase of machinery, equipment and other assets to be used in its bottling operations.

In a disclosure to the Philippine Stock Exchange on Friday, Macay said its board had approved the payment of unpaid subscribed shares with ARC Refreshments amounting to P187.5 million as well as additional subscription to the latter’s shares worth a total of P1.9 billion.

The unpaid subscription consists of about 187.5 million shares to be paid for at P1 per share while the additional subscription comprises 190 million shares at P10 a share.

Macay earlier announced that it was beefing up ARC Refreshments’ bottling operations by taking over two non-core bottling plants of Zest-O Corp., which is likewise owned by the Yao-led group.

The deal includes bottling plants in Kaybiga, Novaliches and Canlubang, Laguna.

Macay Holdings used to be the shell company for Maybank ATR Kim Eng Financial Corp. (MAKE).

In late 2013, MAKE incorporated ARC Refreshments Corp. to engage in the business of trading goods such as beverages on wholesale basis.

ARC, in turn, acquired substantially all the operating units of Asiawide Refreshment Corp. and Mega Asia Bottling Corp. Asiawide holds an exclusive license from RC Cola USA to manufacture and distribute RC Cola in the Philippines while Mega Asia operates the RC Cola bottling and manufacturing operations in the Philippines.