Beverage tycoon Alfredo Yao's Macay Holdings said Thursday it planned to take over the RC Cola brand globally under a $21 million (P1.2 billion) share purchase agreement.
Macay told the stock exchange that it would also assume $25 million in debt of RC Global Beverages Inc., which holds the bottling and distribution rites of RC Cola products in 49 countries, including the Philippines.
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The deal would expand the sweetened drinks empire of Yao, who founded Zest-O juice drinks with just $50 according to Forbes Magazine. Yao is the Philippines' 42nd richest with a net worth of $280 million.
"The RC Cola brand is an iconic 117-year-old brand and will allow Macay to establish cross border relationships with different F&B companies in other countries, potentially leading to substantial opportunities in our current product offerings and offshore partnerships," Macay President Antonio Panajon said.
Macay holds the Philippine rights to RC Cola products and also produces Extra Joss and Rite n' Lite.
Regarded as a legacy brand, RC Cola enjoyed a revival during the pandemic lockdowns thanks to bizaare commercials by ad agency GIGIL that went viral.
