Global House aborts plans to expand to the Philippines

Thai home improvement retailer Siam Global House has abandoned its planned expansion to the Philippines due to hardships in its home turf. The company, which has a subsidiary in Cambodia and holds stakes in home improvement companies in Laos, Myanmar, and Indonesia, said the agreement to set up Global House Philippines Company Ltd. with Cosco Capital Incorporated, the Philippines biggest grocer, has been terminated.

“At present, the joint venture agreement is unable to proceed, as Global House Philippines Company Limited has not been established, and no investments have been made,” the company, which is listed on the Stock Exchange of Thailand, disclosed.

Cosco, in a disclosure to the Philippine Stock Exchange, said that the mutually agreed upon termination of the joint venture agreement came after “strategically reviewing the current market conditions”. Under the agreement, Global House…