MANILA -- The board of directors of Asiawide Refreshments Corp. (ARC), a unit of Ambassador Alfredo Yao’s Macay Holdings Inc., on Thursday approved the acquisition of two plants of Zest-O Corp. in Quezon City and in Laguna to beef up its production facilities.
The company said the plants used for the operation of Zest-O are in Kaybiga in Novaliches, Quezon City, and in Canlubang, Laguna. “The Zest-O plants will be used in the operation of ARC Refreshments for the production and distribution of its beverage products,” the company said.
No other details were given as to the price of the acquisition.
Yao also controls Zest-O.
ARC is the license holder of RC Cola in the country, a brand that has a strong market in the provinces. The group of Yao was supposed to list ARC at the Philippine Stock Exchange.
The backdoor listing of ARC was supposed to happen sometime during the first quarter of the year.
According to its previous plan, after the listing, ARC will then have to raise funding from various sources, including from the stock market, to fund its expansion.
Yao also has significant ownership in mid-sized lender Philippine Business Bank and budget airline Zest Air, which recently partnered with Air Asia.
Macay, formerly, Maybank ATR, was incorporated by ATR Kim Eng Financial Corp. in October 1930 as an investment holding firm focused on financial services. The company incorporated ARC Refreshments to engage in the business of trading goods such as beverages on a wholesale basis.