CP AXTRA Forms Strategic Partnership with The Philippines’s Leading Conglomerate, Ayala to Operate Makro Stores in the Country

Bangkok, 24 September 2025 – CP AXTRA Public Company Limited, Asia’s leading operator of wholesale and retail businesses Makro and Lotus’s, executed definitive agreements with Ayala Corporation, one of the largest conglomerates in the Philippines with a meaningful presence in real estate, banking, telecommunications, and renewable energy. This business venture will focus on operating Makro stores in the Philippines, offering a modern shopping experience with a wide range of food and non-food products at accessible prices for both consumers and small business operators.

The new entity, M&Co Corporation, will be formed through Makro ROH Company Limited, a subsidiary of CP AXTRA holds 50.1% of the shares, and ACX Holdings Corporation, a wholly-owned subsidiary of Ayala Corporation holds 49.9% of the shares.

“This investment represents a significant milestone for CP AXTRA as we expand into the ASEAN region, aligning with our growth strategy to become Asia’s leading wholesale and retail operator. The Philippines is a market with strong potential, with the International Monetary Fund projecting GDP growth of 5.9% next year—the highest in ASEAN—which reflects the country’s economic resilience and vast opportunities ahead. Our partnership with Ayala Corporation, of the nation’s largest conglomerates with a long-standing history and diversified strengths, will establish a solid foundation for Makro’s entry into the Philippines and drive sustainable value creation for the future,” said Suphachai Chearavanont, Chairman of the Board of Directors and Chairman of the Executive Committee, CP AXTRA Public Company Limited.

“The Philippines represents one of the most dynamic and fast-growing markets in Southeast Asia. Through this partnership, CP AXTRA’s more than 30 years of expertise in wholesale and retail, combined with Ayala Corporation, a trusted local partner with a strong market presence and established customer base. This partnership aligns with CP AXTRA’s strategy to expand its regional footprint and deliver quality products at valued price to customers. It also helps expand the market for Thai products internationally, while supporting SMEs and local farmers—creating long-term, sustainable value for all stakeholders, said Tanit Chearavanont, Group Chief Wholesale Business Officer, CP AXTRA Public Company Limited.

“We are excited to partner with CP Axtra to bring Makro back to the Philippines. Together, we seek to build on CP Axtra’s proven success in delivering quality products at more affordable prices through the Makro format. 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 Mark Uy, Head of Corporate Strategy and Business Development at Ayala Corporation.

This expansion into the Philippines underscores CP AXTRA’s regional growth strategy in line with the company’s vision. It leverages the strengths and expertise of both organizations to better serve consumer needs while supporting local SMEs in the Philippines.