MANILA – Robinson’s Retail Holdings Inc on Monday said it increased its stake in the local operator of Japanese convenience store chain Ministop, after Mitsubishi Corp divested from the venture.
Mitsubishi sold the equivalent of an 8-percent stake in Robinsons Convenience Stores Inc to Robinsons Retail and sold the the remaining 4-percent to Japan's Ministop Co Ltd, the Gokongwei-led retailer told the stock exchange.
This raised Robinsons Retail's stake in the venture to 59.1 percent, and Ministop Co to 40.9 percent, the company said.
"The CVS (convenience store) format is the fastest growing retail channel in the region and we intend to take advantage of this trend," said Robinsons Retail president and CEO Robina Gokongwei-Pe.
There are 492 Ministop branches in in Metro Manila, Luzon and the Visayas as of September 2018.