ACX HOLDINGS CORP., the retail arm of Ayala Corp., has expanded its partnership with Thailand’s CP AXTRA Public Co. Ltd. to develop new businesses and explore co-investment opportunities in Thailand and the Philippines.
The two companies signed a memorandum of understanding on Nov. 13 to strengthen collaboration across retail, wholesale, e-commerce, and mall development, the Ayala group said in a statement on Monday.
“This partnership with CP Group allows us to put into action our strategy of offering Filipinos more choices by bringing the best of the world to the Philippines, while at the same time bringing the best of the Philippines to the world,” said Mark Robert H. Uy, Ayala Corp.’s head of corporate strategy and business development.
CP AXTRA Group Chief Wholesale Business Officer Tanit Chearavanont added: “Together, we aim to explore potential investments and joint developments in CP AXTRA’s affiliates and enhance management support for key projects in Thailand.”
The Ayala group also noted that the expanded partnership “marks ACX’s deepening engagement in the consumer sector in the Philippines and potential foray into the Thai market.”
Ayala Corp. first announced the return of Makro in September through the ACX-CP AXTRA partnership.
Makro, a Dutch international brand, originally entered the Philippine market in 1996 through a joint venture among SHV Holdings N.V., Ayala Corp., and Sy-led SM Investments Corp. SHV later divested its Asian Makro operations, which are now operated by CP AXTRA.
Ayala Corp., one of the country’s largest conglomerates, has interests in real estate, banking, telecommunications, renewable energy, healthcare, mobility, and logistics.
The company posted a 96.16% increase in its third-quarter attributable net income to P22.91 billion from P11.68 billion a year ago.
Shares of Ayala Corp. on Monday were up by 3.73% or P15 to close at P417 per share. — Beatriz Marie D. Cruz
