Lufthansa declares $18-M cash dividend


Posted at Feb 23 2009 07:39 PM | Updated as of Feb 24 2009 03:40 AM

Lufthansa Technik Philippines (LTP) has declared a cash dividend of $18.4 million to its two major shareholders, MacroAsia Corp. of the Lucio Tan Group and Lufthansa Technik AG.

Of the total dividend payout, MacroAsia, which owns 49 percent of LTP, will get $9.016 million (roughly P433 million) while Lufthansa Technik AG will secure $9.384 million for its 51 percent stake in the joint venture firm.

The first payment of $16.2 million will be made on or before the end of March and the second payment covering the balance of $2.2 million will be done in October.

MacroAsia said they will reserve the dividend payout for future expansion plans.

LTP is the only company which provides a wide range of aircraft maintenance, repairs and overhaul (MRO) services at the Ninoy Aquino International Airport (NAIA) and the Clark International Airport.

Following the signing of the joint venture agreement on July 12, 2000 and its subsequent registration with the Philippine Economic Zone Authority (PEZA) as an economic zone locator on August 30, 2000, LTP started its commercial operations on September 1, 2000. It consistently generates both domestic and export revenues and enjoys tax incentives as a PEZA-registered entity.

LTP also has a concession agreement with the Manila International Airport Authority (MIAA) which grants the company the right to operate as a provider of aircraft MRO services at NAIA.

Among its major clients are flag carrier Philippine Airlines, Lufthansa Airlines, Singapore Airlines, Cathay Pacific Airways and other international airlines that fly to Manila.

The company also provides technical ground handling services to Air Niugini, China Airlines, Egypt Air, Eva Air, KLM Royal Dutch, Korean Air, Malaysia Airlines, Silk Air and Cathay Pacific Airways.