Singapore’s SATS Increases Stake in MacroAsia Subsidiary

Makati—(PHStocks)—MacroAsia Corp. (PSE: MAC) has signed a Sale and Purchase Agreement (SPA) with Singapore-based SATS Ltd—one of the leading providers of gateway and food solutions—to sell 162,500 shares representing 13% of the total issued and outstanding capital stock of its subsidiary MacroAsia Catering Services Inc. (MACS), the dominant airline catering company in the Philippines.

MAC currently owns 80% of the total issued and outstanding capital stock of MACS. Upon completion of the transaction, MAC’s shareholdings in MACS will be reduced to 67%. SATS’ shareholdings in MACS, on the other hand, will increase from 20% to 33% of the total issued and outstanding capital stock of MACS.