Robinsons Retail Holdings Inc. (PSE: RRHI), through its wholly-owned subsidiary, Robinson’s Inc., entered into a share purchase agreement with Mitsubishi Corp. for the sale of the latter’s shares in Robinsons Convenience Stores Inc. (RCSI).
The transaction involves Robinson’s purchase of shares from Mitsubishi, which is equivalent to approximately 8% stake in RCSI. Robinsons Retail’s effective ownership in RCSI increased from 51% to 59.1%. Furthermore, Mitsubishi sold its remaining 4% stake to Japan-based partner, Ministop Co. Ltd, also increasing the latter’s stake to 40.9%.
“We remain fully committed in keeping and growing our convenience store business. The CVS format is the fastest growing retail channel in the region and we intend to take advantage of this trend,” said Robina Y. Gokongwei-Pe, president and CEO of Robinsons Retail.
RCSI is the exclusive master franchisee of Ministop in the Philippines. For the six-month period ended June 2018, Ministop generated total system-wide sales amounting to PhP4.5 billion with merchandise sales of PhP3 billion. To date, there are 492 Ministop branches in key areas of Metro Manila, Luzon, and Visayas.