MANILA - Phoenix Petroleum, chaired by businessman Dennis Uy, will buy 100 percent of convenience store FamilyMart in the Philippines, its operator said Monday.
It will be the latest in a recent string of acquisitions for Davao-based Uy, who also bought stakes in shipping company 2Go, hospitality school Enderun and Batangas ferry company Starlite.
The Japanese convenience store is operated in the Philippines by SIAL CVS Retailers Inc, a 50-50 joint venture between Ayala Land unit ALI Capital and luxury retailer SSI Group.
Phoenix will buy out SIAL CVS Retailers and Japan's FamilyMart Co and ITOCHU Corp, SSI told the stock exchange.
"We are proud to have introduced FamilyMart to the Philippines. Filipinos have really embraced the convenience store format and FamilyMart is well positioned as one of the top CVS brands in the
country," SSI president Anton Huang said in the disclosure.
Phoneix has the "robust platform" to grow the FamilyMart brand, said Ayala land senior vice president Jose Emmanuel Jalandoni.
The transaction will be subject to approval by the Philippine Competition Commission (PCC), SSI said.
Meanwhile, the PCC has approved the plan of Uy's Chelsea Logictics Holdings Corp. to buy shares of Starlite Ferries, which operates passenger and cargo vessels with routes in Batangas, Mindoro, Roxas, Aklan and Romblon.