Alfredo Yao

Alfredo M. Yao (born November 23, 1943) is a Chinese Filipino businessman who founded the privately-held Zest-O Corporation and the publicly-listed Macay Holdings, Inc. (PSE: MACAY). He served as the Special Envoy to China for Tourism and Cooperation.

Early life

Yao became a breadwinner at an early age after his father died when he was only 12 years old. He is the eldest of the six children, being penniless, he started to work to help the family because his mother’s earnings as a sidewalk vendor could not support their needs. He would accompany his mother to Chinese gambling dens to sell. He hardly finished his elementary and high school education but with the help of a relative, he completed it. He went to the Mapua Institute of Technology for college but had to leave after two years. Later on, he was still able to earn his degree in Engineering under the same institute and got his doctorate degree in Business Administration Honoris Causa from the Polytechnic University of the Philippines.

Yao worked hard and did odd jobs such as working in a warehouse of a packaging company. At that time, one of his cousins was working in a printing press and had the chance to visit the work place several times. And there he saw the potential market in the packaging business and decided to invest. It was the birth of Solemar Commercial Press, named after his mother.

The Birth of Zest-O

The said printing press was engaged into making cellophane wrappers of biscuits and candies and stayed 20 years as a business. Then in 1979, while touring around Europe, Yao came to discover the packaging format called doypack in one of the exhibits. He bought the machine and tried to market the idea of using the doypack format to local juice manufacturers in the Philippines but nobody seemed interested. He himself used the said equipment and started preparing a fruit juice drink in his own kitchen.

The company was established as SEMEXCO Marketing Corporation (now known as, Zest-O Corporation). In 1980, Zest-O juice drink was launched and soon, it became a big hit in the Philippines and eventually capturing 80% of the market for ready-to-juice drinks. Soon, other flavors were introduced to the market such as orange flavor are mango, grape, pineapple, strawberry, guyabano (sour soup), apple, calamansi, mango-orange, mango-calamansi and mango-lemon lime flavors.

Yao soon launched other brands including juice brands including Sun Glo Juice Drink, Big 250 Juice Drink, and Plus!, which are exported to other neighboring countries like China, Korea, and Singapore and in some parts of America and Europe, Tita Frita Tomato and Banana Catsup, Beam Toothpaste, One Ice Tea, and Tekki Yaki Udon.

Other business development

Yao was briefly involved in the airline industry when he acquired Asian Spirit in 2008.[1] The airline was renamed Zest Air.[2] On March 12, 2013, Zest Airways, Inc. signed a share swap agreement with AirAsia Philippines, a domestic airline with foreign ownership interest. The share swap deal involved exchange of shares between the owner of Zest Airways, the Filipino shareholders of AirAsia Philippines, Inc. and AirAsia Berhad of Malaysia.[3][4] Less than a year after AirAsia and Zest Air's strategic alliance, the airline was rebranded as AirAsia Zest. In 2016, the AirAsia Zest brand was retired in favor of the AirAsia brand.[5]

Companies

References

  1. ↑ Asian Spirit sold for 'around P1B', ABS-CBN News and Current Affairs, retrieved April 15, 2008
  2. ↑ Asian Spirit now called Zest Airways, BusinessWorld, retrieved October 2, 2008
  3. ↑ "AirAsia to acquire 40% of Zest Air | Inquirer Business". Business.inquirer.net. March 11, 2013. Retrieved January 17, 2014.
  4. ↑ "AirAsia, Zest sign 'dream alliance' | Inquirer Business". Business.inquirer.net. March 11, 2013. Retrieved January 17, 2014.
  5. ↑ http://centreforaviation.com/analysis/airasia-part-3-philippines-airasia-plans-2016-growth-as-it-establishes-new-secondary-hubs-245993

Sources

External links

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