Gokongwei buys Rustan’s supermarkets
In a bid to expand its retail business, listed Robinsons Retail Holdings Inc. (RRHI) has bought an P18 billion stake in Rustan Supercenters, Inc.
The Gokongwei-led firm told the stock exchange Friday that its board has approved the acquisition of Mulgrave Corp. B.V ‘s 100 percent stake through a share swap deal.
Completion of the transaction will transfer the ownership of Dairy Farm International Holdings, Ltd. Group to RRHI.
“Leveraging the combined strengths of Robinsons Retail and Rustans will lead to benefits to customers in terms of even better service, quality and value,” the company said.
RRHI, owned by the Philippines’ second richest family, operates more than 3,400 supermarkets, department stores, convenience stores, pharmacy and speciality stores while Rustans owns five local food retail brands.