John Gokongwei completes $343M takeover of Rustan’s Supercenters
The country’s second biggest multi-format retailer, Robinsons Retail Holdings Inc. has completed its acquisition of grocery chain operator Rustan’s Supercenters Inc. (RSCI) in a share swap deal valued at around P18 billion.
Gokongwei-led RRHI acquired the RSCI shares from Asian retailer Dairy Farm.
In exchange, Dairy Farm will own 18.25 percent of RRHI, which owns and operates over 3,500 supermarkets, department stores, do-it-yourself stores, convenience stores, drug stores and specialty stores
The Gokongwei family will continue to be the controlling shareholders, holding a 51 percent interest in RRHI.
The purchase effectively gives RRHI ownership of 75 branches of Rustan’s Supermarket, Marketplace by Rustan’s, Shopwise Hypermarket, Shopwise Express, and Wellcome.