The expansion plans of the Thai home improvement retailer Global Siam in the Philippines are becoming concrete. The company has partnered with the owner of Cosco Capital, the Philippines' top earning supermarket. A joint venture agreement was signed on 17 June 2022. Siam Global had disclosed its intention to expand to the Philippines in October 2021.
Cosco is controlled by billionaire couple Lucio and Susan Co. It is the twelfth largest conglomerate in the Philippines in terms of gross revenues, based on the 2021 iteration of BusinessWorld Publishing Corp.'s Top 1000 Corporations in the Philippines. It owns, among other companies, Puregold Price Club, the country's top earning supermarket. Puregold raked in revenues of 125.88 bn Philippine pesos (PHP, EUR 2.189 bn) in 2021.
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