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Business

Gokongwei Group to buy out Ministop partner

Iris Gonzales - The Philippine Star

MANILA, Philippines — The Gokongwei Group will buy out its partner in convenience store chain Ministop Philippines.

Ministop Co. will sell its entire 40 percent stake in Robinsons Convenience Stores, which operates around 460 Ministop stores in the Philippines, to joint venture partner Gokongwei-owned Robinsons Supermarket, Nikkei Asia said in a report from Tokyo.

People privy to the deal confirmed the news report.

In 2000, Gokongwei-led Robinsons Retail Holdings Inc. partnered with Ministop Co. and Mitsubishi Corp. to establish Ministop in the Philippines through Robinsons Convenience Stores, the exclusive master franchise of Ministop in the Philippines.

In 2018, RRHI also bought out Mitsubishi’s shares in the joint venture company, bringing RRHI’s ownership to 60 percent from 51 percent previously.

Acquiring Ministop’s 40 percent would give RRHI 100 percent ownership in the joint venture company.

Originally from Japan, Ministop has become one of the best known convenience stores among urban communities and business districts in Metro Manila, as well as areas in Luzon and Visayas.

The stores carry a wide assortment of merchandise ready to serve customers any time of the day.

The 24-hour convenience stores are also equipped with an in-house kitchen facility to serve freshly-prepared meals every day and served hot to the hungry customer.

Ministop Co. will also sell its South Korean subsidiary to local conglomerate Lotte for around $267 million to focus on its home market, Nikkei Asia reported.

RRHI is the retail arm of the Gokongwei Group. It has six business segments, namely, supermarkets; department stores; DIY stores; convenience stores; drug stores; and specialty stores.

RRHI operates its supermarkets, department stores, consumer electronics and appliances stores, big box hardware stores, and community malls under the “Robinsons” brand name.

Other brand names under RRHI include Handyman Do it Best, True Value, Toys R Us, Daiso Japan, Pet Lovers Centre, No Brand, Savers Appliance, South Star Drug, “The Generics Pharmacy” and Super50.

GOKONGWEI

MINISTOP

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