Mulgrave raises stake in Rose Pharmacy

The Board of Investments (BOI) has allowed Netherlands-based Mulgrave Corporation B.V. to increase its stake in Cebu-based Rose Pharmacy to 51 percent, making the foreign company a majority shareholder in the local firm.

Under the Retail Trade Liberalization Act, the Department of Trade and Industry prequalifies all foreign retailers that will do business in the Philippines.

According to its website, Rose Pharmacy is one of the country’s top pharmaceutical retailers with over 252 branches in strategic locations all over the Philippines.

“This reflects the sustained confidence of foreign investors in the country’s economy,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.

Mulgrave Corporation B.V. is a wholly owned subsidiary of Bermuda-based Dairy Farm International Holdings Ltd. It’s part of the Dairy Farm Group that operates supermarkets, hypermarkets and convenience stores.

The group is already present in the Philippines, with substantial ownership in Wellcome, and Rustan’s Supermarkets and Shopwise.