MACAY Holdings Inc., the food and beverage holding firm of businessman Alfredo Yao, plans to sell new shares to the public to raise fresh capital and make its stock more liquid.
“We want to increase our public float by up to 20 percent. At present, 10 percent of our shares are owned by the public. We want to expand it to 30 or even 35 percent,” Macay chairman Alfredo Yao said on the sidelines of the company’s stockholders’ meeting on Wednesday.
Macay holds the exclusive license to manufacture and distribute RC Cola in the Philippines and in the rest of Southeast Asia.
Yao, a former special envoy to China for tourism and cooperation, explained that the intention behind the plan to increase public ownership is to make Macay shares more liquid so that investors can easily trade in the stock and realize gains from their investments in the company.
“We want our shares to be more liquid, while the proceeds of our intended share offering will be utilized for our expansion projects in as much as we have sufficient operating cash at present,” he said.
Yao said they are looking at the second quarter for the follow-on offering or when the equity market stabilizes.
“We are waiting for the market to improve. We want to make sure that when we offer more shares to the public, it would be favorable on the part of the company,” he said.
Last month, Macay announced a plan to increase its authorized capital stock to P2.3 billion from P1.5 billion. The proposal was approved by its board and was ratified by the stockholders during the stockholders’ meeting on Wednesday.
Macay shares last closed at P39.65 each.