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Robinsons to buy 100% of Rustan’s, Shopwise, Wellcome supermarkets

robinsons

Robinsons Retail Holdings Inc. is acquiring 100 percent of Rustan Supercenters Inc. in a share swap deal valued at P18 billion.

Once the deal is done, Robinson Retail will gain ownership of Rustan Supercenters' food retail brands including Marketplace by Rustan’s, Rustan’s Supermarket, Shopwise Hypermarket, Shopwise Express, and Wellcome.

In a regulatory filing submitted by Robinsons Retail chief financial officer Mylene Kasiban on Friday, the company said the board of directors of Robinsons Retail and Mulgave Corp. B.V. approved the Gokongwei-led firm’s acquisition of 100-percent stake in Rustan’s Supercenters from Mulgave.

The deal involves shares of Rustan Supercenter in exchange for primary common shares of Robinsons Retail.

Mulgave is a wholly-owned member of Dairy Farm International Holdings Ltd. Group of companies, a retailer listed on the London Stock Exchange.

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

The transaction will be completed once the necessary approvals are obtained from the shareholders of Robinsons Retail, the Philippine Competition Commission, and the Securities and Exchange Commission.

Robinsons Retail said the transaction will be presented for approval at its annual shareholders’ meeting on May 28, 2018.

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 Robinson Retail, the company said.

After completing the secondary sale tranche, Dairy Farm through Mulgave will own 18.25 percent of Robinsons Retail, it said.

“Leveraging the combined strengths of Robinsons Retail and Rustan Supercenters will lead to benefits to customers in terms of even better service, quality and value,” according to Robinsons Retail.

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