MANILA, Philippines - The multi-format retail chain of the Gokongwei family is expanding its footprint in the large-scale hardware business through the acquisition of a Visayas-based hardware chain.
Robinsons Retail, holdings Inc., through subsidiary Robinsons Handyman Inc., said yesterday it signed a memorandum of agreement to buy a 67-percent stake in A.M. Builders’ Depot, a Visayas-based big box hardware chain.
The transaction gives Robinsons Retail a strong presence in both DIY (do-it-yourself) hardware and big box hardware retail formats, the company said in a regulatory filing.
“The acquisition will be a good addition to our retail portfolio as it will serve another market segment of the fast-growing retail market of the country,†said Robinsons Retail president and chief operating officer Robina Gokongwei-Pe.
A.M. Builders operates 17 stores with a total gross selling area of 35,000 square meters in Cebu, Iloilo, Dumaguete, Bacolod and other key cities in the Visayas region. The company started operations in 1998 with tiles, bathroom fixtures, lumber and roofing materials as core products.
Robinsons Retail said the acquisition places the company in a unique position and gives it a strong presence in both the hardware and builders hardware retail formats.