MANILA (UPDATED) - Robinsons Retail Holdings said Friday it planned to acquire Rustan Supercenters Inc, expanding the Gokongwei group's retail business.

In a share swap transaction announced at the end of trading hours, Robinsons Retail said its board approved the acquisition of Mulgrave Corp BV's 100 percent stake in Rustan Supercenters, valued at P18 billion, the Gokongwei company told the stock exchange.

"With decades of combined experience in the Philippine food retail industry, Robinsons Retail and Rustan Supercenters aim to cultivate a legacy that genuinely enriches the lives of fellow Filipinos," said Robina Gokongwei-Pe, president of Robinsons Retail Holdings.

Rustan Supercenters operates Marketplace by Rustan’s, Rustan’s Supermarket, Shopwise Hypermarket, Shopwise Express and Wellcome while Mulgrave is a subsidiary of Dairy Farm International Holdings.

Certain members of the Gokongwei family intend to sell their shares, bringing their holdings in Robinsons Retail's expanded capital to 51 percent, according to the disclosure.

The transaction is subject to the approval of the Securities and Exchange Commission and the Philippine Competition Commission. - with a report from Liza Reyes, ABS-CBN News