Macay Holdings Inc., the investment company of businessman Alfredo Yao, completed the acquisition of Artemisplus Express, the operator of canteen concessionaire Kitchen City, for 2 billion.
Macay Holdings said in a disclosure to the stock exchange Thursday the purchase of Kitchen City was completed on Sept. 23 after the fulfillment of agreed closing conditions under the purchase agreement.
Macay is the parent company of ARC Refreshments, which is engaged in bottling, distribution, marketing and sales of RC Cola and other carbonated drinks.
The acquisition of Kitchen City represents Macay’s foray into the food service business.
“The acquisition will bring to fruition Macay’s vision to expand its business portfolio to other consumer products and services in the Philippines and in other Asian countries,” the company said.
Macay said its priority is to accelerate the growth of Kitchen City and to capitalize on potential synergies with ARC Refreshments.