Lucio Tan and partners invest P300M in new food commissary
Lucio Tan-led MacroAsia Corp. is setting up a P300-million new food commissary in Muntinlupa City with Singapore’s SATS Ltd. to serve institutional clients such as hotels, casinos, and call centers.
MacroAsia Corp. provides support services to aviation companies at the Ninoy Aquino International Airport such as inflight catering and ground handling services and has 60-percent market share. It has an inflight catering subsidiary, MacroAsia Catering Services Inc. MacroAsia already operates a two-hectare facility inside NAIA and the new commissary will complement its existing operations.
Business World said MacroAsia and SATS Ltd. have formed a joint venture firm, MacroAsia SATS Food Industries Corp., a subsidiary of the catering company.
SATS Ltd is increasing its stake in the catering subsidiary to 33 percent from 20 percent and is buying 162,500 shares in from MacroAsia. The two parties are still in the process of completing the deal, valued at P168.8 million in cash.
The closing date for the deal was September 15, 2015 with the completion expected to happen within a month or by the end of October 2015. The two companies, however, are still completing the documentary requirements, including regulatory approvals to complete the sale.
MacroAsia had said it now hopes to complete the transaction by March 2016.