ACX Holdings Corp., the retail arm of Ayala Corp., and CP AXTRA, Asia’s leading operator of wholesale and retail chains Makro and Lotus’s, have signed a new memorandum of understanding to expand their partnership, exploring new businesses and co-investments in the Philippines and Thailand.
The agreement, signed on Nov. 13, strengthens collaboration between the Ayala Group and the CP Group, combining their capabilities in retail, wholesale and e-commerce. It also supports broader ASEAN cooperation through the exchange of talent, technology and best practices.
Under the renewed partnership, ACX and CP AXTRA reaffirmed their plan to jointly develop a large-format food retail, wholesale and e-commerce business in the Philippines, starting with the return of Makro.
The parties previously signed definitive agreements to reintroduce Makro via M&Co Corporation, a joint venture between ACX and Makro ROH Company Limited, a CP AXTRA subsidiary.
The expanded partnership also allows ACX to explore co-investment and collaboration opportunities with CP AXTRA affiliates.
“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 and at the same time bringing the best of the Philippines to the world,” said Ayala Corp. head of corporate strategy and business development Mark Uy.
“This collaboration reflects our shared ambition to pursue new growth by leveraging our respective strengths and resources. Together, we aim to unlock 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,” said CP AXTRA Public Company Limited group chief wholesale business officer Tanit Chearavanont.
ACX said the expanded partnership underscores its deepening involvement in the Philippine consumer sector and signals a potential entry into the Thai market.
