Takeover bid for Philippine FamilyMart
Philippine FamilyMart (PFM) may be taken over by Phoenix Petroleum as part of diversification move.
In a disclosure to the stock exchange, Phoenix says it has signed a memorandum of understanding with SIAL CVS Retailers and its Japanese partners for a planned 100 per cent acquisition of PFM, which runs convenience stores under the FamilyMart trademark in the Philippines. The sale is subject to the approval of the Philippine Competition Commission.
A joint venture of Ali Capital of Ayala Land and SSI Group, SIAL owns 60 per cent of PFM while Japanese companies FamilyMart and Itochu own 37.6 and 2.4 per cent respectively.
FamilyMart Philippines went up for auction early this month, attracting potential buyers such as businessman Jerry Liu who owns Angel’s Pizza and Figaro Coffee, businessman Lowell Yu who owns Kuya J Restaurant and Landers membership shopping.
Phoenix Petroleum says the potential acquisition will complement its retail fuel business, with 518 stations nationwide, and marks its entry into the domestic convenience retail market. The value of the transaction has not been disclosed.
President/CEO Dennis Uy this year finalised a deal to acquire a 177ha logistics hub, Global Gateway Logistics City, in Clark City.
Ayala Land and SSI Group teamed up with two Japanese firms in 2012 to bring FamilyMart to the Philippines. With 67 stores in Luzon, PFM offers ready-to-eat and fast-food items, convenience products, auto-loading, bills payment and ATM services.