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Macay Holdings eyes stock offer in 2nd half

Macay Holdings, Inc., the food and beverage investment arm of businessman Alfredo Yao, is planning to offer new shares to the public in the second semester of the year in a bid to boost liquidity while raising fresh funds.

During the firm’s annual stockholders’ meeting, Yao said Macay wants to raise its public float to as much as 35 percent from the current 10 percent.

“We want to increase our public float by up to 20 percent. At present, 10 percent of our shares are owned by the public, we want to expand it to 30 or even 35 percent,” Yao said.

He explained that raising the liquidity of the company’s stock will allow investors to trade it more freely.

“We want our shares to be more liquid, while the proceeds of our intended share offering will be utilized for our expansion projects. Inasmuch as we have sufficient operating cash at present,” he said.

Yao said they are looking at the second quarter to undertake the follow-on offering, when the equity market is expected to have stabilized.

“We are waiting for the market to improve. We want to make sure that when we offer more shares to the public, it would be favorable on the part of the company,” he said.

Last month, Macay announced its intention to increase its authorized capital stock from R1.5 billion to R2.3 billion to make way for its intended share sale. (JAL)