By: The Philippine Star
The Gokongwei Group will buy out its partner in convenience store chain Ministop Philippines.
Ministop Co. will sell its entire 40 percent stake in Robinsons Convenience Stores, which operates around 460 Ministop stores in the Philippines, to joint venture partner Gokongwei-owned Robinsons Supermarket, Nikkei Asia said in a report from Tokyo.
People privy to the deal confirmed the news report.
In 2000, Gokongwei-led Robinsons Retail Holdings Inc. partnered with Ministop Co. and Mitsubishi Corp. to establish Ministop in the Philippines through Robinsons Convenience Stores, the exclusive master franchise of Ministop in the Philippines.
In 2018, RRHI also bought out Mitsubishi’s shares in the joint venture company, bringing RRHI’s ownership to 60 percent from 51 percent previously.
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