Metro Retail Stores Group Acquires SIAL Assets

Mandaue—(PHStocks)—Metro Retail Stores Group Inc. (PSE: MRSGI) has entered into a Deed of Absolute Sale with SIAL Specialty Retailers Inc., whereby MRSGI acquired from SIAL the store assets of SIAL’s department stores located at Fairview Terraces Mall and UP Town Center Mall. The transaction will allow MRSGI to expand its network of department stores in these two key locations, by a combined total gross floor area of approximately 25,000 square meters.

MRSGI, a listed company, is the largest department store and hypermarket operator in terms of retail value sales in the Visayas. SIAL is a joint venture company owned 50% each by Ayala Land Inc. (PSE: ALI) and the SSI Group Inc. (PSE: SSI), both listed companies with SSI being one of the largest retail players in the Philippines.