Macroasia Corporation (PSE: MAC) is publicly-listed company engage in catering, ground handling and engineering and maintenance services for international airlines. It is a part of the Lucio Tan Group of Companies and was established in 1995. MAC has two subsidiaries: MacroAsia Properties Development Corporation (MAPDC) and MacroAsia Air Taxi Services, Inc. (MAATS).MAPDC operates the Special Economic Zone at the Ninoy Aquino International Airport (NAIA) and MAATS provides helicopter chartering services. As of March 28, 2011, MAC has a total market capitalization of P3.9 billion and share price of P3.20.
MacroAsia Corporation was originally established in 1970 as a mineral development company under the name Infanta Mineral and Industrial Corporation. In 1994, Infanta Mineral was renamed as Corbertson Holdings Corporation and its primary purpose was changed to that of a holding company. A year later, the company assumed its present corporate name.
In June 1996, MAC incorporated two wholly-owned subsidiaries:MacroAsia Air Taxi Services, Inc. (MAATS) and MacroAsia Properties Development Corporation (MAPDC). MAATS provides helicopter charter services, while MAPDC operates the special economic zone at the Ninoy Aquino International Airport (NAIA). In order to compete with Cebu Pacific Catering Services, Inc., MAC incorporated MacroAsia Catering Services, Inc. as the second in-flight catering services in the Philippines in November 1996. Formal operations, however, began in 1998.
MAC incorporated the MacroAsia Airport Services Corporation (MASCORP) was incorporated in 1997 to service the passenger and cargo ground handling requirements (passenger and cargo services) of military and commercial aircraft.
In 2000, MAC partnered with Lufthansa Technik Philippines, Inc. to do aircraft and engine maintenance, repair and overhaul (MRO).
In 2006, MAC incorporated a third-party logistics company, Toll-MacroAsia Philippines, Inc. (TMP) to integrate the data, transportation, inventory, warehousing, material-handling and packaging as a channel of the supply chain requirements of various industries. Also in the same year, MAC received from the government the Mineral Production Sharing Agreement (MPSA) covering 1,114 hectares as renewal of its rights in the nickel-rich area in Brookes’Point, Palawan. This is the same area that Infanta Mineral and Industrial Corporation previously held and mined.
Subsidiaries and affiliates
Luftansa Tecknik Philippines, Inc. (LTP)
LTP was incorporated in 2000 and is a 51%-49% joint-venture between the Luftansa Technik AG of Germany and MAC. It is the only company which provides a widerange of aircraft maintenance, repairs and overhaul (MRO) services at the NAIA and the Mactan International Airport. LTP provides aircraft maintenance, repair and overhaul services from its facility in NAIA to Philippine Airlines (PAL), Lufthansa Airlines, Singapore Airlines, Cathay Pacific Airways and other international airlines that fly to Manila. It also provides technical ground handling services to various international clients.
MarcoAsia Catering Services, Inc. (MACS
MACS was originally incorporated in 1996 as MacroAsia-Eurest Catering Services, Inc. (MECS) to primarily provide in-flight catering services at the NAIA and the Manila Domestic Airport. It was a joint-venture between MAC, Singapore Airport Terminal Services and Compass Group International B.V. In 2006, MAC acquired the 13% of the Compass Group under the Share Purchase Agreement. After the buyout, the company changed its name to its present one. It is also ISO, HALAL and HACCP certified.
Cebu Pacific Catering Services, Inc.(CPCS)
(CPCS) is MAC’s first in-flight catering venture which started commercial operations in October of 1996. MAC has 40% equity in this joint venture, while its partners Cathay Pacific Catering Services of Hongkong and MGO Pacific Resources Corporation hold 40% and 20% equity, respectively.
MacroAsia Airport Services Corporation (MASCORP)
MASCORP was incorporated in 1997 to provide, manage, promote and/or service any and all ground handling requirements of military and/or commercial aircraft for passengers and cargo. the Company originally signed a joint venture agreement with Ogden Aviation Philippines B.V. (formerly Ogden Water Systems of Muscat B.V.). Ogden Aviation Philippines B.V. was subsequently acquired by Menzies Aviation Group in 2001.By 2007, MAC acquired the 30% share of Menzies making MASCORP a wholly-owned subsidiary of MAC.
MAC’s major shareholders are also its sister companies. Among them:
- Fortune Tobacco Corporation
- Asia Brewery, Inc.
- Himmel Industries, Inc.
- Foremost Farms, Inc.
- Grandspan Development Corporation
- Lucio Tan Group of Companies official website
- Macroasia Corporation official website
- 2009 annual report
- 2010 Top 100 shareholders