MACROASIA CORP., through its unit MacroAsia New Ventures, Inc. (MNVI), has initially invested P64.47 million for a 49% stake in its joint venture with Princess Jolliant Corp., the listed aviation-support and food service provider said Wednesday.
In a stock exchange disclosure, MacroAsia said it signed a joint venture agreement with Princess Jolliant to establish and operate a food commissary business in Cordova, Cebu.
The company said the transaction is pending approval from regulatory bodies for the formation and operational setup of the joint venture.
“Cebu has always been a vital center for trade, tourism, and economic activity… Expanding here will allow us to serve more customers, support local businesses, and create jobs, all while bringing MacroAsia’s expertise in food services to the region. This move is not just about expansion—it is about building long-term partnerships in Visayas,” MacroAsia President Eduardo T. Luy told the stock exchange on Tuesday.
The partnership will allow MacroAsia to expand its footprint in Visayas through MNVI. The joint venture is set to operate Princess Jolliant’s existing commissary while also developing a facility in Cebu to serve institutional clients and the quick-service restaurant sector.
MacroAsia said the tie-up is part of its food segment expansion program and will build a strong presence in Cebu.
Profit sharing will be based on equity participation, and the two parties will jointly decide on management and operations.
It described the investment as income-accretive in the near term, as MNVI takes a 49% stake in the joint venture.
MacroAsia said the partnership would also enable Princess Jolliant to expand its production capacity and services, making Cebu its hub.
Princess Jolliant is engaged in manufacturing, preserving, packing, distributing, and selling food products.
“Recognizing MacroAsia’s strong track record and expertise in Luzon, the company invited MacroAsia Corporation to become a strategic partner in its Visayas expansion,” MacroAsia said.
The listed company said the joint venture is a brownfield investment, taking over operations of an existing commissary with an established clientele.
MacroAsia said its optimism in Cebu stems from the continuing development of Mactan-Cebu International Airport and strong airline activity in the region, making it a strategic location for its food business.
For the second quarter, MacroAsia’s attributable net income fell 15.26% to P365.78 million as higher expenses and lower revenues weighed on results.
Gross revenue declined 3.53% to P2.46 billion from P2.55 billion, while combined expenses rose 10.95% to P2.33 billion from P2.10 billion.
MacroAsia’s core businesses include aircraft maintenance, repair, and overhaul (MRO), airline and institutional catering, ground handling, property development and leasing, and water utility services.
At the local bourse on Wednesday, MacroAsia shares closed one centavo, or 0.24% higher, at P4.26 apiece. — Ashley Erika O. Jose
