By Philstar
ACX Holdings Corp., the retail arm of conglomerate Ayala Corp., has expanded its partnership with CP Axtra to explore the development of new businesses and co-investments in the Philippines and Thailand.
Ayala said a new memorandum of understanding was signed between ACX and CP Axtra, Asia’s leading operator of wholesale and retail businesses Makro and Lotus’s, to deepen their collaboration.
ACX’s expanded partnership with CP Axtra marks its growing engagement in the consumer sector in the Philippines and potential foray into the Thai market.
Under the expanded partnership, ACX will explore co-investment and collaboration opportunities with CP Axtra’s affiliates.
It also reiterated ACX and CP Axtra’s partnership for the joint development of a large format food retail, wholesale and e-commerce business in the Philippines through the re-entry of Makro.
Both companies earlier executed definitive agreements on reestablishing Makro in the Philippines through the new entity called M&Co Corp., a partnership between ACX and CP Axtra subsidiary Makro ROH Co. Ltd.
“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 head of corporate strategy and business development Mark Uy said.
Ayala said the deeper collaboration brings together the complementary strengths of the group and CP Group toward creating greater value for stakeholders.
Further, it reflects greater cooperation between the two ASEAN neighbors, exchanging talent, technology and best practices to achieve mutual growth.
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