THE Philippine Competition Commission (PCC) has cleared South Star Drug Inc.’s acquisition of Cebu-based Rose Pharmacy.
South Star Drug is a subsidiary of Robinsons Retail Holdings Inc.
In a stock exchange disclosure the PCC had completed the motu propio review on the company’s acquisition of Rose Pharmacy on Oct. 5.
The PCC’s mergers and acquisition office conducted the review, which began on Nov. 7 last year.
RRHI quoted PCC as saying that the Commission en banc “resolved to terminate the motu proprio review and take no further action on the completed acquisition, there being no sufficient basis to prohibit the same.
The Commission issued the formal certification to this effect on Nov. 6.” Rose Pharmacy is one of the drugstore chains in the country with close to P8 billion in net sales for the first nine months of 2023, up 15.1 percent year-on-year, and over 394 stores located in Visayas and Mindanao.