MACAY Holdings, Inc. has completed the acquisition of RC Global Beverages, Inc. (RCGBI) after it fulfilled the closing conditions in the two parties’ share purchase agreement, the listed firm said on Wednesday.
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The company purchased one share representing 100% voting and controlling interest of RCGBI for $21.4 million in cash. The acquisition is also seen to enhance synergies between Macay Holdings, the Philippine bottler of RC Cola, and RCGBI, as “trademark owner and supplier of concentrates.” In September last year, Macay Holdings President Antonio I. Panajon said the company had been looking at opportunities in the food and beverage sector to expand its portfolio, and pursue growth.
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