MerryMart takes control of Zamboanga pharmacy chain

MANILA, Philippines — MerryMart Consumer Corp. has executed an agreement finalizing its acquisition of 53.125 percent of Cecile’s Pharmacy, the biggest drug chain in Zamboanga.

The 57-year old Cecile’s Pharmacy chain has 21 operating branches to date, with over 300 workforce. The current management of Cecile’s Pharmacy chain will continue to run the operations of the company in tandem with the MerryMart team.

In November last year, MerryMart signed an agreement with ZC Ramthel Corp. to acquire a majority stake in Cecile’s Pharmacy.

MerryMart CFO Hannah Yulo-Luccini said that in addition to enhancing the company’s trade volume in the pharmacy and prescription drug items, the transaction would bring significant improvement on cost efficiencies for MerryMart.

“MerryMart continues to strive to deliver better value to its customers and stakeholders,” Yulo-Luccini said.

MerryMart chairman Edgar “Injap” Sia II said Cecile’s Pharmacy chain has stood the test of time in the competitive pharmaceutical industry.

“There are only very few drug store chains in the Philippines that have been operational for decades and still remain to be the market leader and the top-of-mind brand in their respective market region. Cecile’s Pharmacy chain is one of that select group that stood the test of time and we believe this acquisition will add great value to the MerryMart Group’s ecosystem,” Sia said.

Sia said MerryMart would continue with its organic expansion and continue to keep its eyes open for other opportunities for mergers & acquisitions in both the grocery and pharmacy space that would accelerate its growth.

“This is to capitalize on the continued consolidation from traditional to modern retail in the Philippines,” Sia said.

MerryMart Group’s various formats are MerryMart Store, MerryMart Market, MerryMart Grocery, MerryMart Wholesale and Dark Groceries.

It recently formed a new subsidiary MM Consumer Technologies Corp with MBOX Smart Lockers as the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group.

MerryMart has set its Vision 2030 with the goal of having a total of 1,200 branches nationwide and P120 billion in systemwide recurring consumer sales revenue.