MacroAsia signs with Chinese supplier of support equipment

LISTED firm MacroAsia Corp. signed a strategic cooperation agreement with China-based Weihai Guangtai Airport Equipment Co. Ltd. as part of its investment in ground support equipment (GSE).

In a disclosure to the Philippine Stock Exchange, the company said it signed the agreement with Guangtai covering the supply of GSEs for catering and ground handling as well as for possible cooperation beyond GSEs.

MacroAsia said it is expanding its services capability in various airports in line with “the recovery of the airline industry and the trajectory of growth in airports due to the increase in airline travel volumes.”

The company initially acquired P120 million worth of GSE from Guangtai, which is also a supplier to MacroAsia’s joint venture partner Singapore-based SATS Ltd.

Meanwhile, Guangtai is considering the establishment of an after-sales office in the Philippines, in partnership with the listed firm.

“Both parties will also look at multi-sector expansion areas like airport firefighting, equipment maintenance, power and electronics, special vehicles, medical vehicles, and the like,” MacroAsia said.

The companies have yet to finalize the definitive documents to implement the intent of the parties in the agreement, it added.

On the stock market on Thursday, shares in MacroAsia  climbed by two centavos or 0.40% to P5.07 apiece. — Justine Irish D. Tabile