Ayala Corp. Expands Partnership with Thailand's CP AXTRA to Boost Retail and Investment Ventures

ACX Holdings Corp., the retail subsidiary of Ayala Corporation, has intensified its partnership with Thailand's CP AXTRA Public Co. Ltd. to jointly explore business development and investment opportunities in both the Philippine and Thai markets. The two companies formalized their expanded collaboration by signing a memorandum of understanding (MOU) on November 13, focusing on sectors such as retail, wholesale, e-commerce, and mall development.

"This partnership with CP Group enables us to realize our strategy of providing Filipinos with a wider selection of global brands while showcasing Philippine businesses internationally," said Mark Robert H. Uy, Head of Corporate Strategy and Business Development at Ayala Corp.

Tanit Chearavanont, Chief Wholesale Business Officer of CP AXTRA Group, expressed optimism about the alliance, stating, "We look forward to exploring investment opportunities and joint ventures within CP AXTRA’s affiliates, while strengthening management support for key projects in Thailand."

The enhanced partnership signifies ACX’s growing involvement in the Philippine consumer market alongside potential ventures into Thailand. Notably, Ayala had previously announced the relaunch of Makro in the Philippines through the ACX-CP AXTRA partnership. Makro, originally a Dutch retail brand, first entered the Philippine market in 1996 via a joint venture among SHV Holdings N.V., Ayala Corp., and SM Investments Corp. SHV subsequently divested its Asian Makro operations, which have since been managed by CP AXTRA.

Ayala Corporation remains one of the Philippines’ largest conglomerates, with diversified businesses spanning real estate, banking, telecommunications, renewable energy, healthcare, mobility, and logistics. The company recently reported a 96.16% year-on-year increase in its third-quarter attributable net income, surging to ₱22.91 billion from ₱11.68 billion.

On November 13, shares of Ayala Corp. rose by 3.73%, equivalent to ₱15 per share, closing at ₱417.

This collaboration is poised to strengthen bilateral economic ties between the Philippines and Thailand while expanding the footprint of both Ayala and CP AXTRA in the Southeast Asian retail landscape.