ACX Holdings Corp. is expanding its partnership with Thailand’s CP AXTRA to develop new businesses and pursue co-investments that could pave the way for Ayala Group’s potential expansion into the Thai market.

The Ayala Group’s retail arm said on Monday it signed a new memorandum of understanding with CP AXTRA to jointly develop a large-format food retail, wholesale, and e-commerce business in the Philippines through the re-entry of Makro.

The expanded partnership will also allow ACX to 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,” Ayala Corp. Head of Corporate Strategy and Business Development Mark Uy said.

Meanwhile, Tanit Chearavanont, Group Chief Wholesale Business Officer of CP AXTRA Public Company Limited, said the collaboration reflects their shared ambition to pursue new growth by leveraging their respective strengths and resources.

“Together, we aim to unlock untapped opportunities across retail, wholesale, e-commerce, and mall development,” Chearavanont said.

ACX and CP AXTRA earlier executed definitive agreements to bring back Makro through M&Co Corp., a partnership between ACX and CP AXTRA subsidiary Makro ROH Company Limited.