Philippines: Phoenix Petroleum to acquire all 68 FamilyMart c-stores
Independent Philippine oil company Phoenix Petroleum has agreed to acquire Philippine FamilyMart (PFM), the local franchisee of the Japanese convenience store chain.
A Memorandum of Understanding was signed between Phoenix Petroleum and SIAL CVS Retailers, Inc. (a joint venture between ALI Capital Corp. of Ayala Land, Inc. and the SSI Group, Inc.), FamilyMart Co., Ltd., and Itochu Corporation, for the planned 100% acquisition of PFM, according to a company release.
FamilyMart’s 68 convenience stores in the country will complement Phoenix Petroleum’s retail fuel business. Phoenix operates 518 fuel stations nationwide.
“Philippine FamilyMart has built a reputation for convenience and fresh, quality offerings. We are pleased to have it as a strategic addition to the group as we broaden our products and services and offer greater convenience to our customers,” said Phoenix Petroleum President and CEO Dennis Uy.
The acquisition will be subject to the approval of the Philippine Competition Commission.
