DAVAO CITY, Philippines – Davao-based independent oil company Phoenix Petroleum Philippines Inc (Phoenix) announced Monday, October 30, that it plans to acquire the entire shares of Philippine FamilyMart (PFM) from its current owners.
“We are pleased to have it as a strategic addition to the group as we broaden our products and services and offer greater convenience to our customers,” said Dennis Uy, president and chief executive officer of Phoenix.
The company disclosed to the Philippine Stock Exchange on Monday that it recently signed a memorandum of understanding between SIAL CVS Retailers Inc, the firm which currently operates the Japanese convenience store chain in the Philippines. It is a joint venture between an Ayala Corporation subsidiary, FamilyMart Co. Ltd and Itochu Corporation.
It can be recalled that the convenience store chain began operating in the Philippines in 2013 – with its first few stores opened in Makati City. Years later, it carried out aggresive expansions and planned of opening branches in Davao City.
But in 2017, it said it was looking for new investors as its current owners planned of a possible divestment.
The acquisition of Phoenix, a refined petroleum trader with over 505 retail stations in the Philippines, will mark its entry into the convenience retail market industry.
The company’s president, Uy, also recently finalized a deal acquiring a $1-billion logistics hub in Clark City.
The hub, including his planned acquisition of PFM, are both subject for approval of the Philippine Competition Commission. (davaotoday.com)