Macay mulls stake sale after backdoor listing

The founding family of the Filipino carbonated drinks manufacturer is looking to sell part of its stake just two months after completing a backdoor listing.

Macay Holdings started pre-marketing a stake sale by its founding Yao family on Monday, less than two months after completing a backdoor listing in Manila of its beverage business.

Filipino businessman Alfredo Yao and his family acquired Maybank ATR Kim Eng Financial in October 2013 and subsequently renamed it Macay Holdings. The tycoon completed the injection of its carbonated drinks business into the company in August this year.

At the moment Yao owns 89.75% of Macay through a special purpose vehicle named Mazy’s Capital, while the remainder is understood to be held by other members of the Yao family. The...

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