By Philstar
Tycoon Edgar “Injap” Sia II’s grocery chain operator MerryMart Consumer Corp. is acquiring a pharmacy chain in the province of Quezon.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday, MerryMart said it signed an agreement with Carlos Drugs-Lucena Inc. to acquire a majority stake in Carlos SuperDrug.
Sia said the acquisition would further grow MerryMart’s ecosystem.
“We are excited to soon work with the Carlos Group to further grow the business and at the same time welcome the Pharmacy DNA to the MerryMart ecosystem,” Sia said.
He said MerryMart would continue to be on the look out for acquisition opportunities while continuing with its organic expansion.
“While the MerryMart Group continues on with its organic expansion, MerryMart will continue to keep its eyes open for M&A opportunities in both the grocery and pharmacy space that would accelerate its growth to capitalize on the continued consolidation from traditional to modern retail in the Philippines,” Sia said.
Founded in 1946, Carlos SuperDrug is the biggest pharmacy chain in Quezon province. It will celebrate its 75th anniversary next month.
It was founded by husband and wife team of Diomedes and Generosa Carlos.
MerryMart will acquire a minimum post-investment stake of 67 percent of Carlos SuperDrug.
At present, Carlos SuperDrug has 27 operating branches.
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