Dubai - Mubasher: Spinneys formed a joint venture (JV) with Filipino conglomerate Ayala Corporation to open stores in the Philippines, marking its first expansion into Southeast Asia.
Under the deal, Ayala will hold a 60% stake in the JV, with Spinneys owning the remaining 40%, according to a press release.
The move supports Spinneys’ expansion beyond the GCC and boosts Ayala’s retail presence.
The DFM-listed company will oversee the store operations and ensure that both partners continue to contribute to the JV’s growth and success.
Meanwhile, the partnership will integrate Spinneys’ premium food expertise with Ayala’s local market know-how and prime retail access.
Sunil Kumar, CEO of Spinneys, said: “Spinneys’ expansion into Southeast Asia marks an exciting new chapter for us.”
“The Philippines offers significant long-term growth potential, with strong economic fundamentals, a growing affluent population, and increasing demand for high-quality offerings,” he added.
Ayala Corporation President and CEO Cezar P. Consing, commented: “We hope this investment will catalyze trade and investment between the Philippines and the GCC.“
Last August, Spinneys entered Kuwait via a venture with Alshaya Group, marking its fourth GCC market.
