MANILA - Robinsons Retail Holdings Inc said Friday its unit acquired a family-run drugstore chain in Cebu City which would increase its footprint in Visayas and Mindanao.
South Star Drug Store Inc and Mulgrave Corp BV, a subsidiary of Dairy Farm International Holdings Ltd, signed a share purchase agreement to acquire 100 percent of Rose Pharmacy Inc, RRHI told the stock exchange.
“I am delighted that Rose Pharmacy will be part of our portfolio as it takes us back to our hometown in Cebu, where my father and JG Summit Holdings and RRHI Founder John Gokongwei, Jr. started as an entrepreneur. Mr. John also admired Rose Pharmacy for its strong brand reputation in Visayas and Mindanao,” said Robinsons Retail Holdings, Inc President and CEO Robina Gokongwei-Pe.
The regional network will complement South Star's presence in Luzon and Metro Manila, said South Star Drug, Inc Managing Director David Goh.
Rose Pharmacy Inc has 300 stores in Visayas and Mindanao and has nearly P9 billion in net sales in 2019, Robinsons Retail said.