The Gokongwei family is taking full control of convenience store chain Ministop in the Philippines after buying out its Japanese joint venture partner.
Robinsons Retail Holdings Inc., the retail company controlled by the Gokongwei family, said in a disclosure to the stock exchange it would acquire Ministop Japan’s 40-percent stake in Robinsons Convenience Stores Inc., the exclusive franchisee of Ministop in the Philippines.
The deal, which is expected to be completed in February, will increase RRHI’s stake in RCSI to 100 percent from 60 percent.
RRHI did not disclose the value to the transaction.
“I would like to thank Ministop Japan for our partnership over the years. Under the Ministop banner, we were able to bring to the public well-loved products and essential services,” said RRHI president and chief executive Robina Gokongwei-Pe said.
Ministop Co., the Japanese parent company, earlier announced plans to sell stakes in Ministop Korea and Ministop Philippines.