Yao’s Macay Holdings defers stock rights offer

MANILA, Philippines - Macay Holdings Inc., the investment vehicle of former ambassador Alfredo Yao, has deferred its stock rights offering aimed at raising fresh capital for the expansion of its bottling facilities.

Macay advised yesterday its shareholders in a disclosure to the Philippine Stock Exchange that it will not be pursuing its plan to sell new shares, saying it does not require additional funding at this time.

“At a regular meeting held by the board of directors of the corporation, during which meeting a quorum was present and acted throughout, Macay Holdings, through its board of directors, approved the deferment of the offer of Macay to all the shareholders of the corporation rights to subscribe to common shares of stock to be issued from the corporation’s unissued capital stock,” the listed holding firm said.

Macay’s board of directors in September last year approved the stock rights offering of 21.37 million shares to raise funds for the expansion of its bottling facilities.

The terms of the offer, including the offer price, record date and offering period were not announced.

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 will 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.