Macay Holdings Inc., the listed holding company of Ambassador Alfredo Yao, is setting its sights on diversification through potential mergers and acquisitions.
Macay president Antonio Panajon said in an interview following the annual stockholders’ meeting that the company, which is engaged in beverage business through RC Cola, planned to make an acquisition, possibly in the food business over the next 12 months.
“We like to mitigate things like what happened to the Train Law (Tax Reform for Acceleration and Inclusion) wherein all our business is in one basket. So we want to diversify geographically and also in terms of our product portfolio,” Panajon said.
He said the company was looking at opportunities in developing countries in Southeast Asia and Africa for potential acquisition, after its beverage business in the Philippines was severely affected by the implementation of higher sugar taxes on sweetened beverages.
“We are moving towards participating in beverage categories in order to increase its portfolio of products and cater to greater consumer market,” Panajon said.