MANILA - Robinsons Retail Holding Inc on Monday said its unit Robinsons Supermarket Corp would raise its stake in Ministop in the Philippines to 100 percent.
Robinsons Supermarket Corp will acquire Ministop Japan's 40 percent stake in Robinsons Convenience Stores Inc this February, which will increase its shares to 100 percent from 60 percent, RRHI said in a statement.
Robinsons Convenience Stores Inc is the exclusive franchisee of Ministop in the Philippines.
RRHI will continue to operate the stores using the Ministop brand within the transition period agreed upon with Ministop Japan, "until they are repurposed and appropriately rebranded," it said.
“I would like to thank Ministop Japan for our partnership over the years. Under the Ministop banner we were able to bring to the public well-loved products and essential services,” said RRHI president and CEO Robina Gokongwei-Pe.
Ministop Philippines general manager Suresh Ramalinggam, meanwhile said consumers could still rely on their e-services and bills payments facility as well as purchase bestsellers and ready-to-eat menu in store.
No other details, such as the transaction value, were disclosed.
RRHI operates supermarkets, department stores, convenience stores, drug stores and specialty stores, among others.
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