Robinson’s Inc., a subsidiary of Robinsons Retail Holdings, Inc., will be purchasing Mitsubishi Corp.’s shares in Robinsons Convenience Stores, Inc. (RCSI), in a bid to grow its convenience store business.
In a disclosure to the stock exchange on Monday, Sept. 3, Robinsons Retail Holdings, Inc. said its subsidiary will purchase around 8% stake in RCSI, which holds the exclusive master franchise of Japanese convenience store Ministop.
This places Robinsons Retail’s ownership to 59.1% from 51%, the company added.
Likewise, Ministop Co., Ltd., Mitsubishi Corp.’s other partner, also purchased the latter’s remaining 4% stake. This brings Ministop Co. Ltd.’s shares to 40.9%.
Robinsons Retail President and chief executive officer Robina Y. Gokongwei-Pe in the same disclosure said that increase of the company’s stake in RCSI is due to its commitment “in keeping and growing our convenience store business.”
There are currently 492 Ministrop branches in Metro Manila, Luzon and Visaya, the company said.
“The CVS (convenience store) format is the fastest growing retail channel in the region and we intend to take advantage of this trend,” she added.
In the first half of 2018, Robinsons reported that Ministop posted system-wide sales of P4.5 billion. Merchandise sales amounted to P3 billion in the same period. — Anna Gabriela A. Mogato