Macay Holdings Inc., an investment unit of businessman Alfredo Yao, has deferred a planned stock rights offering.
Macay said in a disclosure to the stock exchange its board approved the deferment because it did not require additional funding this time.
Macay in September agreed conduct a rights offering to that would entitle shareholders to subscribe to one share for every 50 owned.
The company planned to sell as much as 21.367 million shares, which would come from the company’s unissued capital stock.
Macay had planned to use proceeds from the offering to expand its bottling facilities.
Macay through its recently-formed beverage arm ARC Refreshments Corp. already owns all assets Asiawide Refreshments Corp., the licensed Philippine bottler of RC Cola USA.
Macay last year indicated plans to purchase two manufacturing plants owned by Zest-O Corp., a ready-to-drink juice manufacturer also owned by the Yao group.