MANILA – Taipan Lucio Tan's MacroAsia Corp said Wednesday it entered into a "mutually beneficial partnership" with Japanese aviation support firm Konoike Transport Co. Ltd.
MacroAsia will acquire a 30 percent stake in Japan Airport Service Co. Ltd. through NKS Holding Co. Ltd., the Tokyo-based subsidiary of Konoike Transport, the Filipino company told the stock exchange.
Konoike Transport will acquire a 20 percent stake in MacroAsia’s wholly-owned groundhandling subsidiary MacroAsia Airport Services Corp, the company said.
With the partnership, Konoike Transport will be able to secure human resources from the Philippines and operate in other airports, MacroAsia said. The Tokyo-based firm operates in Narita, Haneda, Kansai, Fukuoka, Itami and Kobe airports.
The deal will also lead the expansion of MacroAsia’s handling businesses in Philippines and Japan, the company said.
"Through this partnership, the sustainable growth of MacroAsia in the next 10 years will be reinforced. Japan’s robust growth in local and international travelers will create tremendous demand on airport ground handlers and other aviation support service providers," according to the disclosure.
Growth in inbound tourism, additional runways and increased flights by major airlines, among others, will boost demand for aviation support services, MacroAsia said.