Macay Holdings, Inc. entered into an agreement to acquire Artemisplus Express, Inc. from Kitchen City PTE LTD.
August 17, 2020
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Macay Holdings, Inc. (PSE:MACAY) entered into an agreement to acquire Artemisplus Express, Inc. from Kitchen City PTE LTD. for PHP 2 billion on August 18, 2020. As per terms, Macay Holdings will acquire 2.39 million shares of Artemisplus Express, Inc. in cash. Consideration will be paid upon signing of deed of sale of shares of stock, plus adjustment. The transaction is subject to the fulfillment of agreed closing conditions. The transaction is approved by the Board of Directors of Macay Holdings. As on August 20, 2020, an independent auditor's report on Artemisplus Express was filed by Macay. Alphaprimus Advisors Inc. acted as financial advisor to Macay Holdings and PricewaterhouseCoopers acted as financial advisor to Kitchen City PTE LTD. Joe Bauerschmidt and Oscar Franklin Tan of DLA Piper acted as legal advisor to Mizuho Asia Partners Pte Ltd.
Macay Holdings, Inc. is a Philippines-based investment holding company for ARC Refreshments Corporation (ARC), ARC Holdings, Inc., Artemisplus Express Inc. (AEI) and Macay Global Ventures Inc. (MGVI). The Companyâs brands include RC Cola, RC Cola No Sugar, Juicy Lemon, Fruit Soda Orange, Seetrus, Arcyâs Rootbeer, Rite âN Lite and Alon. ARC is engaged in the bottling, distribution, marketing and sales of RC Cola and other carbonated drinks in the Philippines. AEI is a canteen concessionaire in the Philippines, which serves clients mainly from BPO, corporate, manufacturing and hospital segments, and the ventured into the sale of packed meals and frozen meals. AEI operates under the trade name Kitchen City. MGVI owns RC Global Beverages Inc. (RCGBI), which has global licensing rights to RC Cola and associated brands in over 100 countries (excluding the United States, Mexico and Canada). RCGBI also develops flavors and provides concentrates for customers in different countries.
MACAY HOLDINGS, INC. 
