SIAL CVS, FamilyMart, and ITOCHU Completes Sale of PFM to Phoenix Petroleum
SIAL CVS Retailers Inc., FamilyMart Co. Ltd, and ITOCHU Corp. have concluded the transaction to sell 100% of the outstanding shares of Philippine FamilyMart CVS Inc. (PFM) to Phoenix Petroleum Philippines Inc. (PSE: PXP), further to a Memorandum of Agreement (MOA) entered into by the parties last October 30, 2017.
PFM is the official Area Franchisee of the Family Mart brand of convenience stores in the Philippines, with a current network of 67 company-owned and franchised stores all over the country. PNX is the leading independent and fastest-growing oil company in the Philippines, with a wide network of retail stations and commercial and industrial clients all over the Philippines.
Prior to this transaction, SIAL CVS Retailers—a 50-50 joint venture company between ALI Capital Corp., a wholly owned subsidiary of Ayala Land Inc. (PSE: ALI), and SSI Group Inc. (PSE: SSI)—owned 60% of PFM, while Japanese companies FamilyMart Co. Ltd and ITOCHU owned 37.6% and 2.4%, respectively.
The transaction was approved by the Philippine Competition Commission (PCC) on January 3, 2018.