MANILA, Philippines - Singapore Airport Terminal Services (SATS) has increased its stake in airline caterer MacroAsia Catering Services Inc. to 33 percent.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday, MacroAsia Corp. said the purchase by SATS of 162,500 shares of MACS has been completed last Jan. 22 after securing the required regulatory approvals.
The shares represent 13 percent of the total issued and outstanding capital stock of MACS.
As a result, MacroAsia’s shareholdings in MACS have been reduced to 67 percent.
The move is part of the two companies’ move to further strengthen their partnership in their food services venture in the Philippines.
Aside from MACS, MacroAsia and SATS are also partners in MacroAsiaSATS Food Industries Corp., which is investing in a P300 million new food commissary in Sucat, Muntinlupa City.
The commissary will serve the requirements of institutional clients like hotels and casinos, call centers and other none-airline institutional clients.
MACS is currently operating in a two-hectare facility inside the NAIA while SATS is based in Singapore and is listed on the main board of the Singapore Exchange.
SATS has more than 65 years of operating experience and a growing regional presence in Asia Pacific. It is the leading provider of gateway services and food solutions in the region.
Moreover, SATS caters to the needs of the aviation sector and a host of other businesses in hospitality, food, healthcare, freight and logistics industries besides governments.