SM Investment Corp is reportedly planning to exit its data centre business, YCO, due to steep electricity costs, while aviation support services provider MacroAsia’s joint venture with Singapore’s SATS Ltd prepares for $21-million food production expansion.
SM Investments to exit data centre business
Philippine conglomerate SM Investments Corp plans to exit its data centre business, YCO Global Cloud Centers Holdings Inc, citing high electricity costs in the country.
SM Investments CEO Frederic DyBuncio said the conglomerate is not focused on data centres due to steep power costs and plans to eventually sell its minority stake in the sector, the Philippine Star reported.
SM Investments recorded a 200 million peso ($3.5 million) impairment provision on its investment in YCO Global Cloud Centers Holdings Inc. last year, according to the conglomerate’s latest financial statements.
YCO operates cloud computing and data storage facilities targeting enterprise clients across the Philippines. The Sy family-controlled SM Investments holds an 18.1% stake in YCO after it subscribed to YCO shares in April 2023.
MacroAsia breaks ground on $21m food production expansion
Philippine-listed aviation-related support services provider MacroAsia broke ground on a 1.2 billion pesos ($21 million) cold storage and commissary expansion project through its joint venture, MacroAsia SATS Food Industries (MSFI).
The 11,000-square-meter expansion at MSFI’s Sucat facility will boost daily meal production to 90,000 from current levels, serving growing institutional demand. The joint venture between MacroAsia (67%) and Singapore’s SATS Ltd. (33%) expects completion within 18 months.
MacroAsia said the investment aligns with its broader strategy of expanding its aviation support services and diversified business portfolio. The company operates ground handling, in-flight catering, and airport services.
