Yao group buys into Maybank ATR for backdoor listing of RC Cola unit

Businessman Alfredo Yao and his partners bought an 89.75 percent interest in Maybank ATR Kim Eng Financial Corp., as possible vehicle for the listing of his beverage business.

 

Maybank ATR Kim Eng disclosed to the Philippine Stock Exchange that major shareholder Maybank Kim Eng Holdings Ltd. agreed to sell its entire 958.923 million shares in Maybank ATR Kim Eng to Yao-led Mazy’s Capital Inc. at P3.3298 per share. 

 

The transaction is worth P3.2 billion.

 

The Philippine Stock Exchange suspended trading in Maybank ATR Kim Eng shares after issuing the disclosure. The issue last traded on Tuesday and closed at P30 per share.

 

In an interview, Yao confirmed being a part of Mazy’s Capital, noting the company is now studying options for Maybank ATR 

 

“The closing date for this sale transaction is set for 25 October 2013 and is subject to certain conditions precedent, including the sale for cash of substantially of all the assets of the company to Maybank ATR Kim Eng Capital Partners Inc. (MATRKECP) and the assumption by MATRKECP of all the liabilities of the company as of closing date,” the disclosure read.

 

Assets that will be transferred to MATRKECP include shareholdings in subsidiaries AsianLife and General Assuance Corp. and ATR Kim Eng Land Inc.

 

Yao, who also owns ZestAir, earlier said there were plans to list Asiawide Refreshments Corp., maker of RC Cola, this year after the group successfully listed its banking unit Philippine Business Bank this year.

 

The bank's IPO generated up to P3.2 billion.

 

The plan was to consolidate all beverage buinesses under Asiawide Refreshments, the exclusive holder of a license from 

 

Yao said the company will consolidate all its beverage businesses through its 80-percent owned firm.

 

Asiawide Refreshments has been awarded an exclusive license by  RC Cola USA to manufacture and distribute the beverage in Southeast Asia. Yao noted plans are also afoot to set up manufacturing facilities for in Myanmar, Thailand and Vietnam.

 

The company owns and operate 14 manufacturing facilites in the Philippines, more recently in Cagayan de Oro and Pangasinan.

 

The Yao group also makes the beverages Zesto Fruit Soda and Arcy Rootbeer. – VS, GMA News