Maybank ATR resumes trading after takeover by Yao Group

MANILA, Philippines - Shares of Maybank ATR Kim Eng Financial Corp., which will become the backdoor listing vehicle of former ambassador Alfredo Yao’s investment group, will resume trading today.

“Please be advised that the suspension on the trading of Maybank ATR shares will be lifted at 9 a.m. on Oct. 1,” the Philippine Stock Exchange said in a public notice.

Maybank ATR shares last closed at P30 each on Sept. 24. The company asked for a trading suspension on Sept. 25 given the acquisition of Mazy’s Capital Inc. of its majority stake.

Specifically, Maybank Kim Eng Holdings Ltd. (MKEHL) sold its entire 89.75-percent stake in Maybank ATR to Mazy’s Capital for P3.19 billion. Mazy’s Capital bought 958.923 million Maybank ATR shares at P3.3298 apiece.

Mazy’s Capital is composed of shareholders of Asiawide Refreshments Corp. (ARC) and other new investors.

Early this year, the Yao-led Zest-O Group expressed its intent to list ARC, the exclusive manufacturer and distributor of RC Cola in the Philippines. The share sale will support ARC’s plan to tap other markets in Southeast Asia.

The closing date for the investor group’s acquisition of Maybank ATR is on Oct. 25, subject to certain conditions.

Yao earlier said his group will firm up its plans for a possible backdoor listing after the transaction is completed.

Mazy’s Capital had already paid a P30-million non-refundable deposit, with the remaining amount to be settled next month.

“No later than five business days from the execution of the agreement, [Mazy’s Capital] shall, at its option, either file an application for exemptive relief with the Securities and Exchange Commission or initiate the process of a mandatory tender offer,” Maybank ATR said.

A mandatory tender offer is triggered when an investor buys more than 35 percent stake in a public firm. The acquiring entity should then offer to buy all shares held by minority stockholders, which are given the chance to exit the company.

Maybank ATR is a shell company following MKEHL’s move to consolidate all its assets into Maybank ATR Kim Eng Capital Partners Inc. (MATRKECP). All assets of Maybank ATR, which include shareholdings in AsianLife and General Assurance Corp. and ATR Kim Eng Land Inc., were transferred to MATRKECP.