Macay Holdings eyes $200 M from share sale

MANILA, Philippines - Macay Holdings Inc., the investment vehicle of former ambassador Alfredo Yao, plans to raise as much as $200 million from a share sale within the next six months.

“That is still the target,” Yao said referring to the amount being eyed from the offering in an interview on the sidelines of the Bangko Sentral ng Pilipinas’ annual Banker’s Night last Friday.

When asked if the share sale would be pursued within the first half of the year, Yao said “I hope so.”

The tycoon, however, did not specify further details of the planned share sale.

Macay in October last year said it would undertake a stock rights offering of 21.37 million shares to raise funds for the expansion of its bottling facilities.

The shares to be offered would be taken from the company’s unissued capital stock.

The listed holding firm is targeting to become a diversified food and beverage company in the next five years through a local expansion program that would take advantage of the improving consumer spending in the Philippines.

The company intends to expand its core business through ARC Holdings Inc., which holds the exclusive license to manufacture and distribute RC Cola, Fruit Soda Orange, Juicy Lemon and Arcy’s Rootbeer.

The Macay board in September last year approved the full acquisition of subsidiary ARC.

The acquisition is seen to fully consolidate under Macay all the licensing, trademark and related rights currently held by ARC Holdings on the RC Cola brand.

Macay, likewise, is keen in venturing into the juices and water as part of its plans to offer a whole range of beverage products.