MacroAsia, PTC partner for $3-M aviation school

MacroAsia Corp. has signed a joint venture agreement with PTC Holdings Corp. for the establishment of an aviation school in Luzon, which is expected to generate $17 million in revenues in its first five years of operation.

Based on the agreement, the two firms will invest $3 million to set up the aviation school, to be called First Aviation Academy, Inc., which will be based at Subic International Airport. MacroAsia will own 51 percent stake of the joint venture and PTC will hold the remaining 49 percent.