Robinsons merges supermarket, convenience store units

THE Securities and Exchange Commission has approved the merger of Robinson’s Supermarket Corp. (RSC), a wholly-owned subsidiary of Robinsons Retail Holdings Inc., with Robinsons Convenience Stores Inc. (RCSI).

Under the approved terms and conditions of Articles and Plan of Merger, Robinsons Supermarket will be the surviving entity while the convenience store unit will cease to exist.

“The merger of RCSI with and into RSC is anticipated to reduce operational costs, increase synergies and ensure more efficient use of resources,” RRHI said in a disclosure to the Philippine Stock Exchange on Friday.

The merger was approved by the RSC Board of Directors last April and approved by the SEC last Dec. 19. RRHI received a copy of the approval on Dec. 22. It will take effect on July 1, 2023.

Under the merger, RSC shall issue 16.68 million shares with a par value of P1 per share in exchange for the net assets of RCSI, as of its audited financial statements for the period ended June 30, 2022.

“The merger is not expected to have any significant effect on the business, financial condition, and operations of RRHI,” the retail giant said.

RCSI recently rebranded its Ministop stores to Uncle John’s after buying out its Japanese partner. The new name banks on the popularity of its best-selling product, Uncle John’s Fried Chicken. It also pays tribute to the legacy of RRHI’s late founder, John Gokongwei Jr.

In February this year, Robinsons Retail acquired the 40 percent stake of Ministop Japan in RCSI. With this, RCSI is now a 100 percent Filipino owned company.