MERRYMART Consumer Corp. has finalized its acquisition of a 75.08% equity stake for P339.82 million in Quezon Province-based pharmacy chain Carlos Drugs-Lucena, Inc. or Carlos SuperDrug.
The company disclosed to the exchange on Tuesday that it acquired primary and secondary shares of Carlos SuperDrug totaling 337,856 common shares for P1,005.80 apiece.
MerryMart said the “cash purchase consideration was based on the valuation agreed by parties.”
“The 27 branches of Carlos SuperDrug chain will form part of the 100-branch network goal of the MerryMart Group in 2021,” MerryMart said.
Carlos SuperDrug is said to be the biggest drugstore chain in Quezon Province founded in 1946 by husband-and-wife tandem Diomedes and Generosa Carlos in Lucena City.
In July, MerryMart disclosed its plan to acquire a minimum post-investment stake of 67% in Carlos SuperDrug.
Despite owning a majority stake in Carlos SuperDrug, MerryMart earlier said the pharmacy chain’s current management team will continue to run the operations of the company along with the MerryMart team.
MerryMart shares declined by 0.61% or two centavos on Tuesday to close at P3.24 each. — Keren Concepcion G. Valmonte
