Bilyonaryo - Business

Merger of Gokongwei family’s supermarkets and convenience stores to take effect by July 2023

December 23, 2022

Bilyonaryo.com

The merger of the Gokongwei family’s Robinsons Convenience Stores Inc. (RSCI) with Robinson’s Supermarket Corp. (RSC) will take effect on July 1 next year.

Robinsons Retail Holdings Inc (RRHI) said the articles and plan of merger was approved by the Securities and Exchange Commission on December 19.

“The merger of RCSI with and into RSC is anticipated to reduce operational costs, increase synergies and ensure more efficient use of resources,” RRHI said.

RRHI said the merger is not expected to have any significant effect on the business, financial condition, and operations of the company.

Under the merger, RSC shall issue 16.685 million shares with a par value of P1 apiece in exchange for the net assets of RCSI.

Last February, RRHI took full ownership of RCSI with the acquisition of MInistop Japan’s 40 percent stake.

Related News Tags: Gokongwei family, Robinson’s Supermarket Corp, Robinsons Convenience Stores Inc, Robinsons Retail Holdings Inc

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