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Philippine Macay acquires catering provider Kitchen City

Listed investment company spends $41m for first food-service business

Street food vendors wearing protective masks serve customers in Manila on Aug. 10.   © Reuters

CEBU, Philippines -- Philippine-listed investment holding company Macay Holdings Inc. has acquired Artemisplus Express, operator of the canteen concessionaire Kitchen City, for 2 billion pesos ($41 million) in an all-cash deal, according to a disclosure.

Macay is the parent company of ARC Refreshments that is engaged in the bottling, distribution, marketing and sales of RC Cola and other popular carbonated drinks in the Philippines.

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