Robinsons Retail, Dairy Farm to build food retail business

March 23, 2018

Robinsons Retail Holdings, Inc. Friday announced it has agreed to partner with Dairy Farm to build a leading food retail business, a disclosure by the former to the Philippine Stock Exchange said.

The respective boards of directors of Robinsons Retail and Mulgrave Corporation B.V (MCBV) approved the acquisition by Robinsons Retail of MCBV’s 100 percent stake in Rustan Supercenters, Inc.  through a share-for-share swap involving shares of Rustan Supercenters in exchange for primary common shares of Robinsons Retail.

MCBV is a wholly-owned member of Dairy Farm International Holdings, Ltd. Group of companies.

The value of Dairy Farm’s 100 percent ownership of Rustan Supercenters is approximately P18 billion.

Certain members of the Gokongwei family intend to sell some of their shares which will result in the Gokongwei family effectively owning 51 percent of the expanded capital of Robinsons Retail, the disclosure said.

After completion of the secondary sale tranche, Dairy Farm, through MCBV, will own 18.25 percent of Robinsons Retail.

This transaction is intended to be completed once the necessary approvals are obtained from the shareholders of Robinsons Retail, the Philippine Competition Commission and the Securities and Exchange Commission.

RSCI operates food retail brands “Marketplace by Rustan’s”, “Rustan’s Supermarket”, “Shopwise Hypermarket”, “Shopwise Express” and “Wellcome”. DMS