MacroAsia Corp., the aviation-support services business of the Lucio Tan Group, said Friday that MacroAsia Catering Services Inc. has decided to declare property dividends in the form of shares in its two operating units as part of a restructuring move to streamline the operations of the listed company’s food group.
MacroAsia owns 67 percent of MACS while Singapore’s SATS Ltd. holds the remaining 33 percent of the catering services business.
MacroAsia said the declaration of property dividends marks a notable shift in the MACS’ structure and future operations. It told the Philippine Stock Exchange that the property dividends will involve the allocation of shares from MacroAsia SATS Inflight Services Corp. and MacroAsia SATS Food Industries Corp.
For MSIS, which has 1 million shares with a par value of P100 each, MacroAsia will receive 670,000 shares, while SATS will be allocated 330,000 shares. Similarly, MSFI, with a total of 2 million shares also at a par value of P100, will allocate 1.34 million shares to MacroAsia and 660,000 shares to SATS.
The shares transfer will require regulatory approval, particularly from the Bureau of Internal Revenue.
MacroAsia said the restructuring is a strategic move that is part of a broader plan to streamline the food group operations . Under the new arrangement, MSFI, currently known as the Sucat Commissary, will become the parent company of the food group, taking over from MACS.
As a result, the two airline catering kitchens, MACS and MSIS, will become fully owned subsidiaries of MSFI, aligning with the company’s long-term operational goals.
