Tycoon Injap Sia's grocery venture secures SEC approval for P1.6 billion IPO

ABS-CBN News

Posted at Mar 11 2020 02:27 PM | Updated as of Mar 11 2020 03:02 PM

MANILA – Young tycoon Edgar "Injap" Sia's grocery business, MerryMart, said Wednesday the Securities and Exchange Commission approved its plan to raise P1.6 billion in an initial public offering.

MerryMart Consumer Corp will offer 1,594,936,709 shares at around P1 apiece, the company said in a statement.

MerryMart has 7 branches as of February with 13 others under construction. It aims to open 1,200 company-owned and franchised branches by 2030, according to the statement.

"We believe this step will further strengthen the market grip of all the
industries that our group is involved in...Our team will strive hard to make MerryMart become one of the top 3 consumer
companies in the Philippines by 2030," MerryMart chairman Sia said.

The expansion could create over 15,000 jobs for Filipinos in the near term and in excess of 50,000 systemwide by 2030, MerryMart said.