Ayala Group, CP AXTRA to explore new retail ventures in PH, Thailand

Ayala Corp.’s retail arm ACX Holdings Corp. has signed a new memorandum of understanding with CP AXTRA, which operates Makro and Lotus’s, to look into the development of new businesses and co-investments in both the Philippines and Thailand.

Under the agreement, ACX will explore co-investment and collaboration opportunities with CP AXTRA’s affiliates, which will cover the consumer sector in the Philippines, and a potential foray into the Thai market.

“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,” Ayala Corp. head of corporate strategy and business development Mark Uy said.

“Together, we aim to unblock untapped opportunities across retail, wholesale, e-commerce, and mall development — starting with the re-entry of Makro in the Philippines, exploring potential investments and joint developments in CP AXTRA’s affiliates, and enhancing management support for key projects in Thailand,” CP AXTRA group chief wholesale business officer Tanit Chearavanont said.

They also reiterated their partnership to put up a large format food retail, wholesale, and e-commerce business in  the Philippines through the re-entry of Makro.

Aside from CP AXTRA, the Ayala Group in October announced a partnership agreement with Spinneys 1961 Holdings PLC to open premium grocery stores in the Philippines, marking the retailer’s first expansion outside the Gulf Cooperation Council (GCC).

Ayala Corp. ended the first half with a 2% decline in its core net income to P23.7 billion, due to softer earnings from its telecommunications and energy businesses during the period.—AOL, GMA Integrated News