Philippines’ multi-format retailer Robinsons Retail Holdings (RRHI) has completed an acquisition of food retail business Rustan Supercenters (RSCI) from Mulgrave Corporation for $344m.
Mulgrave Corporation is a subsidiary of retailer Dairy Farm International Holdings. Rustan Supercenters is a provider of upscale grocery business.
The deal was announced in March this year through share-swap agreement, under which, RRHI will now own 100% stake in Rustan Supercenters.
Meanwhile, Dairy Farm has exchanged its interest in RSCI for new shares in RRHI representing some 12.15% of its enlarged share capital and a further 6.1% interest in the enlarged share capital from the existing controlling shareholders.
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With this, the company has a total shareholding of 20% in RRHI.
The agreement covers retail stores/supermarkets nationwide under Marketplace by Rustan’s, Rustan’s Supermarket, Shopwise Hypermarket, Shopwise Express and Wellcome banners.
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In addition, Dairy Farm has announced that its director Ian McLeod has been named as Robinsons Retail Holdings director.
The Gokongwei family is the controlling shareholder and will continue to hold a 51% interest in RRHI.
RRHI operates 154 supermarkets, including other retailing formats, RRHI has a total of 1,718 stores and 2,015 franchised stores of The Generics Pharmacy (TGP).
Dairy Farm operates over 7,100 outlets including supermarkets, health and beauty stores, convenience stores, hypermarkets, and restaurants.
In 2012, Jardine Matheson subsidiary Dairy Farm acquired a 50% stake in Rustan’s Supercenters and 100% in July 2017.