MACAY Holdings Inc., the listed firm of businessman Alfredo Yao, said it plans to raise funds through a follow-on sale of shares to fund its expansion efforts in the beverage sector.
In a statement, Macay said its board of directors approved a stock rights offering to all existing shareholders to subscribe to the company’s common shares sourced from unissued capital stocks.
Details were not provided, but the firm said the stock offer plan is still “subject to the registration or exemption requirements” of the Securities and Exchange Commission and the Philippine Stock Exchange.
The company has been solidifying its RC Cola brand through consolidation of trademark rights and licensing (ARC Holdings Inc.) and bottling operations (ARC Refreshments Corp.). Its other subsidiary, Zest-O Corp., will remain separate after the consolidation.
Earlier, Macay said it plans to fully transform the company into a beverage consumer firm through its brands RC Cola and Zest-O.
Macay’s first half net income more than doubled to P841.49 million from P381.15 million a year ago, while its revenues also advanced 42 percent to P5.166 billion from P3.622 billion previously.
Since taking over Maybank ATR Kim Eng Financial Corp. last year, Macay is now operating as the holding firm of wholly owned food and beverage unit ARC Refreshments, according to the company’s first half report.