Maybank ATR shareholders OK backdoor listing of Yao beverage firms

Shareholders of Maybank ATR Kim Eng Financial Corp. on Thursday green-lighted the company's change in corporate name and primary purpose, clearing the backdoor listing of former ambassador and businessman Alfredo Yao's beverage businesses.

 

In a disclosure to the Philippine Stock Exchange, Maybank said it has secured the written approval of two thirds of its shareholders for amendments to the firm's incorporation and by-laws.

 

The stockholders approved the company's change in corporate name to Macay Holdings Inc., the change of primary purpose to a holding company and the removal of a secondary purpose relating to a tire-manufacturing business.

 

In a separate disclosure, Maybank ATR Kim Eng said it formed a new food and beverage company called ARC Refreshments Corp.

 

The company has an authorized capital stock of P1 billion divided into 1 billion shares with par value of P1.00 per share and a primary purpose of manufacturing, selling, importing, buying, selling, handling, bottling, distributing, trading and dealing beverages on a wholesale basis.

 

On Sept. 25, Yao-led Mazy's Capital Inc. bought an 89.75-percent interest in Maybank ATR Kim Eng for P3.2 billion, as possible vehicle for the listing of Yao's beverage businesses.

 

Asiawide Refreshments has been awarded an exclusive license by RC Cola USA to manufacture and distribute the beverage in Southeast Asia.

The company owns and operates 14 manufacturing facilities in the Philippines and has plans to set up more in Myanmar, Thailand and Vietnam.

 

The Yao group also makes the beverages Zesto Fruit Soda and Arcy Rootbeer. — Danessa O. Rivera/JDS, GMA News