Macay Holdings Inc., bottler and distributor of RC Cola and other soft drink beverages in the Philippines, said it is acquiring the global licensing rights for RC Cola, except those which cover US, Mexico and Canada.
The company will be acquiring the rights by buying British Virgin Islands-incorporated RC Global Beverages Inc. (RCBGI), a disclosure said.
RCBGI is 100 percent beneficially owned by Mazy’s Capital Inc., a majority shareholder of Macay.
“The company develops flavors and provides concentrates for customers in the different countries and an unaudited asset value of $56 million,” Macay said.
Macay is buying RCBGI for $21 million in cash. It will also assume RCBGI’s $26 million debt.
“There will also be a purchase price adjustment depending on RCBGI’s net earnings performance for the 2022,” Macay said.
The acquisition is subject to the execution of a share purchase agreement (SPA) and closing under the SPA, Macay said.
