Yao Group completes P3-B acquisition of Maybank ATR

MANILA, Philippines - The investor group led by businessman and former ambassador Alfredo Yao has completed its P3-billion acquisition of listed entity Maybank ATR Kim Eng Financial Corp.

“Maybank Kim Eng Holdings Ltd. (MKEHL) and Mazy’s Capital Inc. completed (yesterday) the transactions relating to the sale and purchase of a total of 958.92 million of MKEHL’s common shares in Maybank ATR,” said Renato Leveriza Jr., Maybank ATR executive vice president in a regulatory filing.

“As earlier agreed, within a period of 60 days from the closing date, the buyer will cause the company to amend its articles of incorporation and by-laws,” he added.

Specifically, Mazy’s Capital will change Maybank ATR’s name to a name that does not include Maybank, ATR, Kim Eng, MAKE, among others. It will also change its business adress.

Late last month, Yao-led investment group Mazy’s Capital bought MKEHL’s entire 89.75-percent stake in Maybank ATR 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, Yao’s 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, one of the emerging regions in the global economic scene.

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

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

The group will soon conduct a tender offer. 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 now 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.