AVIATION support firm MacroAsia Corp. has sold 13 percent more equity stake in its in-flight catering services to its Singaporean partner for P168.8 million.
The transactions reduced its stake to 67 percent from 80 percent.
In a disclosure to the Philippine Stock Exchange, MacroAsia said it signed a sale and purchase agreement with SATS Ltd., a Singapore-based in-flight catering service provider, involving 162,500 shares in MacroAsia Catering Services Inc. (MACS).
MACS is a leading in-flight catering services company in the Philippines.
SATS will have 33 percent of the total issued and outstanding capital stock of MACS from 20 percent.
Subject to regulatory approvals, transaction is expected to be completed by December 31.
SATS is the ground-handling and in-flight catering service provider at the Singapore Changi Airport and controls about 80 percent of Changi’s ground handling and in-flight catering services.
SATS and MacroAsia have been partners since 1998, and the latest purchase of additional stake in MACS will further solidify the joint venture and increase SATS strength in in-flight catering service.
In the first half of the year, MacroAsia posted a net income of P251.77 million from P38.74 million a year earlier. Revenues surged to P906.93 million from P845.72 million.