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Robinsons Retail increases stake in Ministop to 59.1%

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Robinsons Retail Holdings Inc. of the Gokongwei Group is boosting its stake in Ministop Philippines to 59.1 percent from 51 percent as Japanese trading firm Mitsubishi Corp. divests from the business.

Robinsons Retail said in a disclosure to the stock exchange Monday wholly-owned unit Robinsons Inc. signed an agreement to buy the shares of Mitsubishi in Robinsons Convenience Stores Inc. RCSI is the exclusive master franchisee of Ministop in the Philippines.

Robinsons Retail under share purchase agreement will purchase Mitsubishi’s eight percent stake in RCSI.

Mitsubishi Corp also sold its remaining 4-percent interest in RSCI to Japan-based partner Ministop Co. Ltd., increasing the latter’s stake to 40.9 percent. 

“We remain fully committed in keeping and growing our convenience store business. The CVS format is the fastest growing retail channel in the region and we intend to take advantage of this trend,” said Robinsons Retail president and chief executive Robina Gokongwei-Pe said.

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Ministop generated total system-wide sales of P4.5 billion in the six-month period ending June 2018, up 4.4 percent from the previous year’s level of P4.26 billion.

Mini Stop’s same-store sales growth in the first half of the year stood at 4.3 percent, up from the previous year’s level of 1.3 percent. It reported a gross profit of P1.18 billion, up 5.7 percent from P1.11 billion year-on-year

Robinsons Retail to date has 492 Ministop branches in key areas of Metro Manila, Luzon and Visayas. 

Robinsons Retail teamed up with Ministop Co. Ltd and Mitsubishi in 2000 to establish Ministop in the Philippines. 

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

Robinsons Retail, the retail holding company of the Gokongwei Group, is a multi-format retailer in the Philippines engaged in the business of trading goods, commodities, and merchandise, with core retail operations in six business segments—supermarkets, department stores, DIY stores, convenience stores, drug stores and specialty stores.

The retail holding firm in March announced plans to acquire Rustan Supercenters to expand the supermarket business.

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