MacroAsia obtains P450-m standby loan

MacroAsia Corp. has secured a P450-million standby credit from First Metro Investment Corp. to finance expansion and mining exploration projects. MacroAsia in a disclosure to the stock exchange said it plans to use the proceeds of the loan for expansion projects in aviation services in Ninoy Aquino International Airport and Clark Airport and to finance exploration and development in its nickel mining project in Palawan. MacroAsia in February formalized its interest to invest up to $100 million for the development of aviation services inside the Diosdado Macapagal International Airport in Clark, Pampanga. MacroAsia earlier reported a flat net income of P266 million in 2007 due to foreign exchange losses.

in Manila Times by Jenniffer B. Austria
April 20, 2008
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