DAVAO-BASED businessman Dennis Uy has completed his acquisition of the local operations of FamilyMart, which currently has 67 outlets in the country, via listed Phoenix Petroleum Philippines, Inc.
In a disclosure to the Philippine Stock Exchange (PSE), Phoenix Petroleum said on Thursday it had acquired 100 percent of Philippine FamilyMart CVS, Inc. (PFM) from SIAL CVS Retailers, Inc., FamilyMart Co., Ltd. and Itochu Corp.
A new exclusive franchise deal for the Philippines was granted to PFM under the management of Phoenix Petroleum, the company added.
Phoenix noted that the transaction had been cleared by the Philippine Competition Commission (PCC) last January 3.
In its decision, the anti-trust regulator ruled that Phoenix Petroleum’s acquisition of PFM shares would “not result in a substantial lessening of competition in the relevant market.”
The deal, which was announced in October last year, marks Uy’s expansion into the convenience store business. Phoenix had previously mentioned the FamilyMart acquisition would complement its retail fuel business comprising over 500 stations nationwide.
Financial terms of the acquisition have not been disclosed.
Approval by the PCC is required for mergers and acquisitions worth at least P1 billion.
Phoenix Petroleum signed a memorandum of agreement (MoU) with SIAL, FamilyMart, and Itochu to acquire 100 percent of the outstanding PFM shares on October 30, 2017.
Prior to the deal, SIAL — a 50-50 joint venture between the Ayalas’ ALI Capital Corp. and SSI Group, Inc. of the Tantocos — was the majority owner of PFM with a 60 percent stake. FamilyMart owned 37.6 percent and the remaining 2.4 percent was held by Itochu.
PFM is the official Area Franchisee of the FamilyMart brand of convenience stores in the Philippines, with a current network of 67 company-owned and franchised stores all over the country.
Phoenix Petroleum is engaged in the trading and marketing of refined petroleum products, including LPG, and lubricants, the operation of oil depots and storage facilities, hauling and into-plane services and has a wide network of retail stations and commercial and industrial clients.