Aviation service provider MacroAsia has sold a further 13% of its stake in subsidiary company MacroAsia Catering, the leading airline catering company in the Philippines, to SATS Ltd.
The Singapore-based service provider paid P168.8m for an additional 13% of the subsidiary company, bringing the MacroAsia's ownership down to 67% from 80%. In the opposite fashion, SATS will be seeing a sizeable increase to its equity stake in MacroAsia Catering from 20% to 33%.
The transaction, which is due for completion on August 31, is hoped to further enhance the partnership between SATS and MacroAsia in the food service business in the Philippines.
