Makro
Pilipinas Makro, which operates the Makro stores in the Philippines was originally a partnership between the Sy family's SM Group, SHV Holdings N.V. of the Netherlands, and the Ayala group.
In 2004, the Ayala group sold its 28% interest in Makro to its joint-venture partners, and in late 2007 SM Investments folded the Makro stores into its operations after it increased its ownership of Pilipinas Makro to 60%. The SM group now holds 100% of Makro, but due to the economic slowdown in the Philippines and poor acceptance of the Makro wholesale concept, some Makro outlets will be converted into SM Hypermarkets in the next few years.
Read more about this topic: SM Prime Holdings