MANILA, Philippines — Robinsons Retail Holdings Inc. has agreed to partner with the Dairy Farm International Holdings Ltd. group of companies to build a leading food retail business in the country.
In a disclosure to the Philippine Stock Exchange yesterday, Robinsons Retail said its boards of directors as well as those of Mulgrave Corp. B.V (MCBV) approved the acquisition by the company of MCBV’s 100 percent stake in Rustan Supercenters Inc. (RSCI).
The acquisition will be through a share-for-share swap involving shares of RSCI in exchange for primary common shares of Robinsons Retail.
MCBV is a wholly owned member of Dairy Farm International Holdings Ltd.
Robinsons Retail said the value of Dairy Farm’s 100 ownership of RSCI is approximately P18 billion.
According to the company, certain members of the Gokongwei family intend to sell some of their shares to GCH Investments Pte Ltd., also a wholly owned member of Dairy Farm, which will result in the Gokongwei family effectively owning 51 percent of the expanded capital of Robinsons Retail.
After the completion of the secondary sale tranche, Dairy Farm will own 18.25 percent of Robinsons Retail.
“This transaction is intended to be completed once the necessary approvals are obtained from the shareholders of Robinsons Retail, the Philippine Competition Commission, and the Securities and Exchange Commission,” the firm said.
RSCI operates food retail brands Marketplace by Rustan’s, Rustan’s Supermarket, Shopwise Hypermarket, Shopwise Express and Wellcome.