Macay Holdings

Macay Holdings, Inc. is a Philippine beverage company whose principal business is the bottling, marketing, and distribution of RC Cola and related soft-drink products. The company is listed on the Philippine Stock Exchange under the ticker MACAY. Although its present identity is associated with beverages, the company originated as a financial-services investment holding company and underwent a major transformation during the 2010s. The corporate entity was incorporated on October 16, 1930, as Maybank ATR Kim Eng Financial Corporation, commonly known as MAKE. For much of its earlier corporate life, its activities were centered on investment holding and financial services rather than consumer packaged goods. A decisive ownership change occurred in September 2013, when Maybank Kim Eng Holdings, Ltd. entered into a share purchase agreement with Mazy's Capital, Inc., an entity associated with the group of Filipino businessman Alfredo Yao. The transaction transferred the equivalent of 89.75% of MAKE's outstanding shares and provided the platform for a shift into beverage manufacturing and distribution. In December 2013, ARC Refreshments Corporation was incorporated as a wholly owned subsidiary. ARC was created to bring together the bottling, sales, distribution, and marketing activities associated with several beverage brands previously held by Asiawide Refreshments Corporation and Mega Asia Bottling Corporation. Its portfolio included RC Cola, Fruit Soda Orange, Juicy Lemon, and Arcy's Rootbeer. ARC acquired bottling machinery and equipment from Mega Asia, as well as machinery, equipment, bottles, shells, inventory, and selected liabilities from Asiawide. The transition was treated by the Philippine Stock Exchange as a transaction requiring disclosure under backdoor-listing rules. Trading in MAKE shares was suspended on January 2, 2014, while the company prepared a comprehensive disclosure. The suspension was lifted on January 21, and trading resumed on January 22. The Securities and Exchange Commission approved the change of corporate name to Macay Holdings, Inc. on January 30, 2014, formalizing the company's new corporate direction. Macay further strengthened its position in 2014 by acquiring ARC Holdings, Inc., the holder of Philippine trademark licenses for RC Cola. The group also obtained the master franchise for RC Cola in the ASEAN region. This gave Macay a role extending beyond local bottling: it became involved in brand rights, franchise coordination, manufacturing, distribution, and market development for a recognizable international cola label. The company's portfolio has included carbonated soft drinks such as RC Cola, RC Cola Zero Sugar, Fruit Soda Orange, Juicy Lemon, and Arcy's Rootbeer, together with other beverage offerings including Seetrus, Rite 'n Lite, and Extra Joss Maxx Energy Drink. In August 2020, Macay diversified further by acquiring Artemisplus Express Inc., operator of the Kitchen City trade name. Kitchen City operates in the food-service and institutional meal segment, giving the group exposure beyond packaged beverages. In 2022, Macay disclosed a proposed acquisition of RC Global Beverages Inc., the company controlling international, non-United States rights to RC Cola. The announced consideration was US$46 million, and the transaction was completed in January 2023. Through this transaction, Macay expanded its strategic connection with the RC Cola brand outside its established Philippine and ASEAN activities. Macay's present profile is therefore that of a Philippine-listed consumer company built around beverage production and distribution, with additional exposure to food services and international beverage-brand rights.

Macay Holdings began as a corporate entity in financial services rather than beverages. It was incorporated on October 16, 1930, as Maybank ATR Kim Eng Financial Corporation, an investment holding company with a primary focus on financial-services interests. The company retained this general identity until a change in ownership during the 2010s created the basis for a new operating strategy. On September 24, 2013, Maybank Kim Eng Holdings, Ltd. entered into a share purchase agreement with Mazy's Capital, Inc., associated with the group of Alfredo Yao. The buyer acquired the equivalent of 89.75% of the former MAKE's outstanding shares. Following the transaction, the company began reorganizing around a beverage platform rather than its previous financial-services orientation. ARC Refreshments Corporation was incorporated on December 3, 2013, as a wholly owned subsidiary. Its purpose was to consolidate the bottling, marketing, distribution, and sales operations of RC Cola and several other soft-drink brands. These activities had previously been connected with Asiawide Refreshments Corporation and Mega Asia Bottling Corporation. ARC acquired bottling machinery and equipment from Mega Asia, together with a broader package of machinery, equipment, reusable bottles and shells, inventory, and selected liabilities from Asiawide. The restructuring prompted regulatory and market-disclosure steps. The Philippine Stock Exchange suspended trading in MAKE shares on January 2, 2014, pending a comprehensive disclosure relating to the transaction, which was considered within the exchange's backdoor-listing framework. Trading resumed after the suspension was lifted on January 21, with trading restarting on January 22. On January 30, 2014, the Securities and Exchange Commission approved the corporate name change to Macay Holdings, Inc. Macay's beverage position expanded during 2014 through the acquisition of ARC Holdings, Inc., which held the Philippine trademark licenses for RC Cola. The group also obtained the master franchise for RC Cola across the ASEAN region. This gave Macay a combination of production infrastructure, local brand rights, distribution capability, and regional franchise authority. The company subsequently maintained a portfolio that included RC Cola, RC Cola Zero Sugar, Fruit Soda Orange, Juicy Lemon, Arcy's Rootbeer, Seetrus, Rite 'n Lite, and Extra Joss Maxx Energy Drink. In August 2020, Macay acquired Artemisplus Express Inc., which operates under the Kitchen City trade name. That deal broadened the corporate group into food-service operations while leaving beverage manufacturing and distribution as its defining business. Macay disclosed another major expansion in September 2022. It announced an agreement to acquire 100% of RC Global Beverages Inc., described as the holder of international, non-United States rights to RC Cola, for US$46 million. The acquisition was completed in January 2023. The transaction connected Macay more directly with the international development of RC Cola outside the United States and reinforced the company's evolution from a former investment holding company into a Philippine-listed beverage and consumer-products group.

1. 2023RC Global Beverages acquisition completed

   The acquisition of RC Global Beverages Inc. was completed in January, extending Macay's connection to RC Cola rights outside the United States.

   Source
2. 2022International RC Cola rights acquisition announced

   Macay announced an agreement to acquire RC Global Beverages Inc., which controlled international, non-United States RC Cola rights.

   Source
3. 2020Kitchen City acquisition

   Macay acquired Artemisplus Express Inc., operator of the Kitchen City trade name.

   Source
4. 2014Trading suspension and resumption

   Trading in MAKE shares was suspended in January while the company submitted disclosure concerning the transaction, then resumed after the suspension was lifted.

   Source
5. 2014Corporate name changed to Macay Holdings

   The Securities and Exchange Commission approved the name Macay Holdings, Inc. on January 30, marking the company's formal transition toward a beverage-focused identity.

   Source
6. 2014RC Cola licensing and ASEAN franchise expansion

   Macay acquired ARC Holdings, Inc., holder of RC Cola trademark licenses in the Philippines, and obtained the brand's ASEAN master franchise.

   Source
7. 2013Change in controlling ownership

   Mazy's Capital, Inc., associated with the group of Alfredo Yao, agreed to acquire an interest equivalent to 89.75% of the outstanding shares of the former MAKE from Maybank Kim Eng Holdings, Ltd.

   Source
8. 2013ARC Refreshments incorporated

   ARC Refreshments Corporation was established as a wholly owned subsidiary to consolidate RC Cola and other beverage bottling and distribution activities.

   Source
9. 1930Corporate incorporation

   The company was incorporated on October 16, 1930, as Maybank ATR Kim Eng Financial Corporation, an investment holding company focused primarily on financial services.

   Source

A Philippine beverage bottler and distributor with a portfolio centered on value-oriented carbonated soft drinks, supported by brand licensing, franchise rights, and selected food-service activities.

• RC ColaCarbonated soft drink

  RC Cola is Macay's principal cola brand and the central product around which its Philippine bottling, marketing, distribution, and franchise activities are organized. Macay obtained Philippine trademark-license rights through ARC Holdings and later expanded its connection to international, non-United States RC Cola rights through RC Global Beverages.

• RC Cola Zero SugarZero-sugar carbonated soft drink

  RC Cola Zero Sugar is the zero-sugar variant within the RC Cola portfolio. It extends the flagship cola brand into a segment aimed at consumers seeking a reduced-sugar soft drink option while retaining the broader RC Cola brand identity.

• Fruit Soda OrangeFruit-flavored carbonated soft drink

  Fruit Soda Orange is an orange-flavored carbonated beverage included in the portfolio consolidated through ARC Refreshments. It represents Macay's participation in fruit-flavored soft drinks alongside its cola products.

• Juicy LemonLemon-flavored carbonated soft drink

  Juicy Lemon is a lemon-flavored soft drink associated with the beverage brands brought together under ARC Refreshments. It complements the company's cola and orange-flavored offerings with a citrus-oriented product.

• Arcy's RootbeerRoot beer

  Arcy's Rootbeer is a root-beer product in Macay's carbonated beverage portfolio. It was among the brands whose bottling, sales, marketing, and distribution activities were consolidated through ARC Refreshments.

• SeetrusBeverage

  Seetrus is listed among Macay Holdings' beverage brands. The available reference material identifies the brand as part of the company's portfolio but does not provide sufficient detail on its formulation, positioning, or distribution.

• Rite 'n LiteBeverage

  Rite 'n Lite is included in Macay's broader beverage portfolio. Public reference material identifies the brand but does not specify enough product information to describe its precise formulation or market positioning.

• Extra Joss Maxx Energy DrinkEnergy drink

  Extra Joss Maxx Energy Drink is the energy-drink entry identified in Macay's portfolio. It broadens the group beyond carbonated soft drinks into functional and energy-oriented beverage consumption.

• Kitchen CityFood service

  Kitchen City is the trade name operated by Artemisplus Express Inc., which Macay acquired in August 2020. Unlike Macay's packaged beverage brands, Kitchen City represents exposure to prepared meals, institutional food service, and related operating activities.

• 2022Acquire RC Global BeveragesM&A

  Macay aimed to extend its strategic control of RC Cola beyond the Philippines and ASEAN franchise operations.

  What changed. The company announced the acquisition of 100% of RC Global Beverages Inc., which controlled international, non-United States RC Cola rights, for US$46 million.

  Aftermath. The transaction was completed in January 2023 and expanded Macay's connection to RC Cola's international rights outside the United States.

  Announced acquisition consideration. US$46 million announced consideration (Announced September 6, 2022; completed January 2023)

  Source
• 2020Acquire Artemisplus Express and Kitchen CityM&A

  Macay pursued diversification beyond packaged beverages by entering the food-service and institutional-meal sector.

  What changed. In August 2020, Macay acquired Artemisplus Express Inc., which operates under the Kitchen City trade name.

  Aftermath. The group added food-service operations to its beverage-centered portfolio.

  Source
• 2014Acquire ARC Holdings and secure ASEAN RC Cola franchise rightsM&A

  Macay sought to align its bottling and distribution infrastructure with the intellectual-property and franchise rights needed to develop RC Cola in its core markets.

  What changed. The company acquired ARC Holdings, Inc., holder of RC Cola trademark licenses in the Philippines, and obtained the master franchise for the ASEAN region.

  Aftermath. Macay gained a stronger role in the Philippine RC Cola business and a regional platform for brand expansion.

  Source
• 2013Transform the former financial holding company into a beverage groupStrategy

  After the change in controlling ownership, the company reorganized its activities around beverage bottling, distribution, marketing, and sales through ARC Refreshments Corporation.

  What changed. The group established ARC as a wholly owned subsidiary and transferred or acquired bottling assets and selected operating assets from Asiawide Refreshments and Mega Asia Bottling.

  Aftermath. The restructuring led to the adoption of the Macay Holdings name in January 2014 and established beverages as the company's principal operating focus.

  Source

• 2023RC Global Beverages acquisition completed

  Macay completed the acquisition of RC Global Beverages Inc., strengthening its control over international RC Cola rights outside the United States.

  M&A
  Source
• 2022Macay announces acquisition of international RC Cola rights

  The company disclosed plans to acquire all of RC Global Beverages Inc., which controlled international, non-United States rights to RC Cola, for an announced consideration of US$46 million.

  M&A
  Source
• 2020Macay acquires Kitchen City operator

  Macay acquired Artemisplus Express Inc., the operator of the Kitchen City trade name, expanding the group into food-service activities.

  M&A
  Source
• 2014Philippine Stock Exchange suspends trading in MAKE shares

  Trading was suspended pending a comprehensive disclosure concerning the transaction that transformed the former financial-services holding company into a beverage-focused group under backdoor-listing rules.

  Regulation
  Source
• 2014Macay acquires RC Cola Philippine trademark license holder

  Macay acquired ARC Holdings, Inc., which held the Philippine trademark licenses for RC Cola, and also obtained the master franchise for RC Cola in the ASEAN region.

  M&A
  Source
• 2013MAKE shareholder enters agreement to acquire controlling stake

  Maybank Kim Eng Holdings, Ltd. agreed to sell an interest equivalent to 89.75% of the outstanding shares of the former Maybank ATR Kim Eng Financial Corporation to Mazy's Capital, Inc., associated with the group of Alfredo Yao.

  M&A
  Source
• 2013Macay creates ARC Refreshments Corporation

  ARC Refreshments Corporation was incorporated as a wholly owned subsidiary to consolidate bottling, distribution, marketing, and sales activities for RC Cola and other beverage brands.

  Other
  Source

1. Macay Holdings