Lucio Tan's MacroAsia forays into water business

ABS-CBN News

Posted at Jul 12 2011 04:54 PM | Updated as of Jul 13 2011 12:54 AM

MANILA, Philippines - MacroAsia Corp., the listed aviation support firm owned by tycoon Lucio Tan, is developing a bulk water treatment plant and distribution facility in Cavite with an initial investment of P2.5 billion.

In a disclosure to the stock exchange, MacroAsia said it will undertake the business through the consortium of its wholly owned unit, MacroAsia Properties Development Corporation, and Water Business Solutions Inc.

The plant will have a capacity of 150 million liters of treated water per day, which will be sold to water districts and utility concessionaires in Cavite. The facility will collect, treat and deliver surface water from the province's Maragondon River.

"Today, the consortium signed with the Maragondon Water District an agreement to pursue and implement this bulk water supply project," MacroAsia said.

MacroAsia said the treatment plant will be built over a period of two years, and will be funded through a combination of internal cash and borrowings.

MacroAsia is engaged primarily in aviation-related support businesses, providing aircraft maintenance, repairs and overhaul services, charter flight services, airport ground handling, and in-flight catering.