CP Axtra Public Company Limited (SET: CPAXT) has informed the Stock Exchange of Thailand that Makro ROH Company Limited (MROH), in which the Company holds 99.99% of total shares, and ACX Holdings Corporation (ACX Holdings Corporation), a subsidiary wholly-owned by Ayala Corporation, have entered into definitive agreements to subscribe for common shares in the newly established company in order to operate “Makro” stores in the Republic of the Philippines.
Upon the completion of the subscription for common shares, MROH shall own 50.1% of equity interest and ACX Holdings Corporation shall own 49.9% of equity interest therein. As a result, the newly established company will become an indirect subsidiary of the Company.
The subsidiary, called M&Co Corporation, will operate wholesale and retail business in the Republic of Philippines. It has an initial registered capital of PHP 3,440.0 million (equivalent to THB 1,917.8 million) divided into 3,440,000,000 common shares, with a par value of PHP 1 per share.
