MANILA — Phoenix Petroleum Philippines, Inc. (PNX) is foraying into the convenience retail market with the full acquisition of the franchisee of the FamilyMart brand of convenience stores.
PNX told the Philippine Stock Exchange (PSE) it signed Monday a memorandum of understanding (MOU) to acquire 100 percent of the outstanding shares of Philippine Family Mart CVS, Inc. (PFM) from SIAL CVS Retailers, Inc., FamilyMart Co., Ltd. and Itochu Corporation.
SIAL CVS Retailers is a joint venture between ALI Capital Corp. of Ayala Land, Inc. and the SSI Group, Inc.
Phoenix Petroleum’s potential acquisition of PFM complements its retail fuel business, with 518 stations nationwide, and marks its entry into the fast-growing domestic convenience retail market.
“Philippine FamilyMart has built a reputation for convenience and fresh, quality offerings. We are pleased to have it as a strategic addition to the group as we broaden our products and services and offer greater convenience to our customers,” said PNX President and Chief Executive Officer Dennis Uy.
PFM is engaged in operating convenience stores under the trademark “FamilyMart” in company-owned and franchise-owned formats in the Philippines.
It offers a range of products and services including ready to eat or fast food items, convenience store items, auto-loading, bills payment and ATM services. PFM currently has 67 stores all over the country.
ALI Senior Vice-President Jose Emmanuel Jalandoni, said “we are delighted that Phoenix Petroleum shares our vision for the continued growth of the FamilyMart brand in the Philippines.”
“We believe that they have a robust platform for taking FamilyMart to the next level and will be excellent stewards of the brand moving forward,” he said in a separate disclosure to the PSE.
The sale transaction will be subject to the approval of the Philippine Competition Commission.
UBS AG Hong Kong Branch acted as Financial Adviser to the sellers in this transaction.