ACX expands partnership with Thailand’s CP Axtra to develop new businesses, explore co-investments

ACX Holdings Corporation, Ayala Corporation’s retail arm, and CP AXTRA, Asia’s leading operator of wholesale and retail businesses Makro and Lotus’s, signed a new memorandum of understanding on November 13 expanding their partnership to explore the development of new businesses and co-investments in the Philippines and Thailand.

The deeper collaboration brings together the complementary strengths of the Ayala Group and CP Group towards creating greater value for stakeholders. It also reflects greater cooperation between the two ASEAN neighbors, exchanging talent, technology, and best practices to achieve mutual growth.

Under the agreement, ACX and CP AXTRA reiterated their 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.

The two sides earlier executed definitive agreements on reestablishing Makro in the Philippines through the new entity M&Co Corporation, a partnership between ACX and CP AXTRA subsidiary Makro ROH Company Limited.

Under the expanded partnership, ACX will also explore co-investment and collaboration opportunities with CP AXTRA’s 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; while at the same time bringing the best of the Philippines to the world,” said Mark Uy, Head of Corporate Strategy and Business Development at Ayala Corporation.

“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 Tanit Chearavanont, Group Chief Wholesale Business Officer, CP AXTRA Public Company Limited.

ACX’s expanded partnership with CP AXTRA marks its deepening engagement in the consumer sector in the Philippines and potential foray into the Thai market.