PH firm MacroAsia, Japan’s Konoike buy into each other in cross-border deal

MacroAsia Corp, a company controlled by tycoon Lucio Tan, and Japan’s Konoike Transport Co. Ltd on Tuesday, Nov. 5, announced a deal which would give them stakes in each other’s companies.

The deal, according to a press release by MacroAsia, the Philippines’ dominant aviation service provider, would benefit the aviation markets of both the Philippines and Japan.

Through the deal, MacroAsia said it would acquire 30 percent stake in Japan Airport Service Co. Ltd through NKS Holding Co. Ltd, the Tokyo-based subsidiary of logistics company Konoike Transport.

Konoike, in turn, would acquire 20 percent of MacroAsia Airport Services Corp. (Mascorp).

The cross-border transaction was concluded in a signing ceremony in Manila on Tuesday.

Konoike Transport is one of the leading service contracting and logistics service provider in Japan. Founded in 1880, it has grown to 27 companies and operate in 12 countries with a total workforce of about 25,000 serving over 3,500 clients from 228 operating bases worldwide.

MacroAsia’s press release said the partnership with Konoike would reinforce MacroAsia’s “sustainable growth.”/TSB