Gokongwei-led retail investment arm Robinsons Retail Holdings Inc. (RRHI) has acquired a seven-store drugstore chain based in Batangas as part of plans to expand its nationwide footprint.
In a disclosure to the Philippine Stock Exchange on Monday, RRHI said it had acquired 100-percent of Chavez Pharmacy through its 90 percent-owned subsidiary South Star Drug Inc.
“Going into mergers and acquisitions is one of the strategies of South Star Drug to strengthen and expand its presence and reach in the drugstore industry,” RRHI said.
In 2011, South Star Drug likewise acquired a 53-store pharmaceutical chain Manson Drug in Central Luzon and integrated the stores in its portfolio in less than a year.
“I am very pleased with the acquisition of Chavez Pharmacy. The owner is a very active member of the Philippine Pharmacists Association and Drugstore Association of the Philippines, thus we can tap her knowledge and relationship in the drugstore industry to further strengthen our presence in the country,” said South Star Drug managing director Dahlia Dy.
Gloria de Chavez, president of Chavez Pharmacy, said: “Our family is delighted with this move knowing that Chavez Pharmacy will be well taken care of by South Star Drug. I have full confidence in South Star Drug in continuing with our legacy of offering good quality, safe, effective and more affordable medicines to our clients and customers as depicted in our corporate tagline “kaakibat sa kalusugan” (partner in health).”
In 2013, South Star Drug had a turnover of P6.3 billion on the back of same-store growth of 6 percent. Doris C. Dumlao