Cosco and Thai partner cancel P500 million joint venture plan

Cosco Capital Inc. and its Thai partner, Siam Global House, have canceled their plan to create a P500-million joint venture. The decision follows a review of the challenging home improvement market, which has seen declining earnings. The joint venture, announced in June 2022, aimed to establish a retail shop for construction materials and home improvement goods. Cosco was set to own 45% of the venture, while Siam Global would hold 55%. Despite this setback, Cosco reported a 10% increase in earnings to P10 billion in the first nine months of 2024, driven by consumer spending recovery. The company continues to expand in other sectors, including renewable energy.