Conglomerate Ayala Corp. is teaming up with Thailand-based wholesaler and retailer CP AXTRA to reintroduce Makro wholesale stores to the local market.
Ayala’s wholly-owned subsidiary, ACX Holdings Corp., signed an agreement with Makro ROH Company Limited (MROH), a subsidiary of CP AXTRA, to form a new entity, M&Co Corp., that will own and operate the stores.
ACX will have a 49-PERCENT stake in the venture, while MROH will hold the remaining 51 percent.
“We are excited to partner with CP AXTRA to bring Makro back to the Philippines,” said Mark Uy, head of corporate strategy and business development at Ayala Corp.
“This partnership is in line with Ayala’s strategy of working with world-class companies to expand consumer choices, raise retail standards and help Filipinos thrive,” said Uy.
Tanit Chearavanont, group chief wholesale business officer at CP AXTRA, noted the Philippines is one of Southeast Asia’s “most dynamic and fast-growing markets.”
“Through this partnership, CP AXTRA’s expertise in wholesale and retail management is combined with Ayala Corporation, a trusted local partner with strong market presence, established customer base, and extensive land and mall development expertise,” Chearavanont said.
Makro previously operated in the Philippines in a joint venture with the SM Group, resulting in several Makro warehouse clubs. However, the SM Group acquired a majority stake in the partnership in 2029 and later converted the stores into SM Hypermarkets.
The new partnership marks Ayala’s latest move to expand its presence in the consumer sector.
The conglomerate, which has investments in real estate, banking, telecommunications, healthcare, manufacturing and power generation, also recently brought the Australian home and lifestyle brand Anko to the country.
